Morning Guys,
There may also be a bit of catch up from last week when Cu got hit quite severely.
Sell the news is also a possible explanation.
My observation when ADT released their PFS for Rupice, was that the market was not impressed with the input prices used, despite them being at spot. IMO, too much weight is placed on completing these studies with a materially lower commodity input price. If we're in a commodities bull market and the spot price is used, and it is disclosed, I see no problems, especially if a sensitivity table is provided.
I scanned the NRX release and the fact that it is shallow and open pittable is good. More ore is required and I want to see what the plans are to further expand on the R&R. However, there is Cu and we are in a commodities bull market.
NRX's use of $10k Cu is possibly a bit of a push but I can understand why they used it in an effort to post a Maiden JORC of 10mt. For those more conservative, Kewliost's quoted 5.6mt @ 1.6% using a 1% cut off may be a good idea.
Happy to hold and see what happens.
Cheers
John
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