Hi @Shapeshifter,

There's certainly been a lot to digest since I was active here last, and I think your reflections are thoughtful and similar conclusions to what I arrived at.

• Chris Gilchrist was, in his words from his LinkedIn profile (under stated South Harz Potash experience), was "Terminated by Client". There was no official word or explanation from the management team of why this occurred, and this really irked me as a holder who invests in the people (the management) just as much as the project, and who had taken a liking to how Chris passionately talked about the projects. Although, the persistent delays caused what this really has panned out to be; ill timed catalysts.
• Merchant Group claimed a $1 stock potential, paraphrased greatly ~if the market timing was right. If we saw the 2021 July/August drill program timeline take place, then we could of seen a scoping study at the height of potash prices and market sentiment, perhaps symbolising the market timing being right. 15-20c -> 40c+? Maybe a substantial raise at those prices to put the company in good stead for remaining projects on limited dilution? Unfortunately, that drill program timeline was delayed 6 months and, upon further delays, here we are. Perhaps this aided to Chris's demise, although that is pure speculation.
• As it happened the scoping study (SS) was released into a bearish market sentiment with institutions turning the tap off on liquidity, timelines pushed out further not helping the bearish sentiment. Retail investors are rightfully disgruntled with rising interest rates after the RBAs commentary backflipped so strongly.. drawing stocks in the small cap end of town lower and lower in a death by a thousand cuts as there is a vacuum to sentiment across the board.
• The company is not the stock and the stock not the company. The stock is in the doldrums while ticking the boxes needed for a large-scale, profitable company and moving towards a tier 1 asset company. While I wish I could say that this was all macro, the issues leadership and how Chris Gilchrist was terminated, the repeated delays not absent from the SS, the cost of funding increasing and timelines blowing out.. all present a bleak picture.
• Would I be surprised if the 5.3Bt SHP was acquired next week? No. Considering ~5Bt Jansen was bought over a decade ago for $400M CAD, and SHP is admittedly at a further de-risked state comparatively (at the time of purchase). Would I be surprised if in 3 years time, SHP has their studies completed, diluted further but with no share price progress for holders? Also No.
• It's one that could turn on its head any moment and be a situation of "we knew what was there, and made a lot of money as it was acquired" or "we knew the warning signs of a slow-moving management, the upcoming dilution, and didn't exit quick enough". These stocks can be wild beasts at this end of the small-cap town, with high risk. I'm staying on the sidelines because, at the current market cap, funding remains a very difficult proposition.