The key, IMO, will be to convert the exploration target (8-16MT) into R&R to compliment the current +2MT R&R.
This seems like a high probability event, even on the knowns as they stand today. Hopefully there will be additional upside surprises that the drill bit can provide.
For me, this looks like an excellent example of companies that I am looking for at this point:
1. Brownfield projects which failed / were mothballed in a lower Cu price environment
2. Safe jurisdiction (just look at the growing list of problem countries)
3. Has extensive, installed infrastructure which current / new shareholders can leverage at a fraction of replacement cost
4. All permitting in place or has been a mine previously
5. Low capex
6. And finally short timeline to production.
HGO fits into these parameters with the exception that I want to see more R&R.
HGO has the additional benefit that it has an End of LOM bonus in the pumped hydro project which adds at least a $30m contingent kicker.
Definitely worth some capital IMO for those wanting exposure to Cu that fits the above requirements.
[I was a former, long suffering HGO holder the first time they tried to make a go of this project].
Cheers
John
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