ICL has a huge whack of warrants that grants them ~38% of the company - expiring Feb/Mar 2017. You can expect ICL to take out the company before those warrants expire.

The company should be in pre-production for some time prior to warrant expiry and much of the construction risk will be known by then.

I don't think it matters too much either way - once the company can prove its solution mining process works on a large-scale in pre-production and provided the project isn't horribly over budget, the share price should reflect the market's understanding that ICL will buy the project.

The only real question is how much dilution it takes to get there - that's what will determine how much we stand to make here.