The Curve suggests you want to be in the name at the beginning of Stage 4 and exit at the end of Stage 4 provided the project goes according to plan.
Note the following excerpts:
STAGE 3:
"...At this time the company will be seeking strategic partners and project funding. Permitting is also underway. Unfortunately a lack of financing or poor permitting efforts will extend the time in Stage 3..."
STAGE 4:
"Begins when the financing is done and construction begins.....The stock value may increase on this positive news, especially if construction is on time and on budget. Its even better news if it’s a period of rising commodity prices."
Thus my comment in an earlier post indicating that good quality management is key for me as, after the DFS is completed, the rubber will hit the road and they will have to make smart decisions re. financing (equity / debt / streaming), permitting, signing agreements with various contractors, etc. and I'm not quite sure what to make of SKE's management (especially Coles and Reichert).....?....for starters, it'd be nice to see them buying shares with their own money.