"What say you?"  Very good report in my opinion, without confirming financials.  The information appeared very objective and truthful, explaining challenges and plans to deal with them.  I like this much better than just fluff which doesn't admit issues need to be resolved.  A couple paragraphs stand out at first glance:

1)  This is positive on several fronts.  First it doesn't identify permitting as a concern.  Second It admits there are challenges.  Third it presents possible methods of acting on the challenges.  Fourth it honestly addresses a large personal concern regarding shortfall on paper being negatively received by the market.

"Our one and only concern with respect to Steenkmapskraal and GWG’s overall operations is that the PEA to be released imminently may contain a contingency requirement that will suggest GWG is in further need of capital. We can see methods by which GWG can reduce its immediate need for capital, thus rendering any need for a contingency moot, but we readily acknowledge that any shortfall on paper will be received negatively by the market."

2)  In this paragraph more details are advance regarding handling of funding bottlenecks.  Not sure what the first sentence means, and the last sentence is the old logo.  Yet with the issues mentioned to be addressed, the $2 target is still very good.

"GWG’s cash balance remains robust at $54.6 million, but with hydrometallurgical and SX plants to build, this should be the case. Our analysis suggests that, should it be necessary, it may be to GWG’s benefit to initially toll process its REOs, especially for Nd and Pr content, either in China with GQD or elsewhere in the world, and defer the necessary $30 million expenditure on the JV-built SX plant in South Africa. The JV SX facility can be funded from future cash flows rather than from existing capital. Such action would likely only delay the JV SX plant for a year, and could well prove to be essential to bringing the entire mine-to- market model to production."

Thanks much for posting this, StealingHome.