RE:RE:RE:Theory Why TLG's Share Price Is Range-Bound Just to be clear, I don't wait until the financing / contracting / permitting are completed before deciding whether to invest. I agree it's too late to catch a big run if one waits until completion as that's when lots of investors get excited and buy shares. My view is the share price typically doesn't perform well between the release of the FS and the majority of the financing /contracting / permitting period. It's even possible that the share price doesn't get a big pop when the FS is released. Thus, I believe waiting until the majority of the above has been completed (I don't have any set rule as to exactly how far along) allows me to see how well management navigated this period while in all likelihood still being presented with the opportunity to buy in at a good (potentially multi-bagger) price if things have gone well, or not investing at all if significant problems arise.
Now, in the case of TLG in particular, it may be the case that the delay in releasing the FS is that they will simultaneously announce the agreements and terms for what they believe will be the full financing package for the initial capex of the project (e.g., debt facility, coppoer offtake agreement, joint venture, other...). If so, I'll take a look at the particulars of each agreement and may make my investment decision sooner. However, companies usually release the FS by itself, then shop around for financing options with the FS in hand, releasing details of each agreement as they are completed in the following months. We shall see, but right now, I don't know what's going on re. this process, so I'm happy to wait.
That said, of course there are no guarantees and those currently invested could make significantly more money, but at what I believe is more risk. It's all part of what makes investing interesting and fun for me.