Apr. 10 at 9:07 PM
$PLG This update reads as cautiously bullish. The Waterberg project is clearly moving forward with ~50% of the pre-construction program completed and funding secured through August 2026, which removes near-term “stall risk.” Management is also shifting toward a staged, lower-capex development plan starting with the higher-grade T-Zone, which could materially improve early economics and make financing more realistic in the current metal price environment. That’s the real signal here — they’re actively engineering a path to first production, not just sitting on a large resource.
That said, the overhang is still very real. Financing is not locked, offtake agreements are still under negotiation, and the company continues to rely on ATM equity programs — including a fresh
$60M shelf — which means dilution risk isn’t theoretical, it’s ongoing. Losses are widening and the full build decision still depends on external capital and partner alignment.........
