Dipped my toe in here a few weeks back, it ticks the boxes for me of being close to infrastructure so can get cashflow happening, there is a little if of over optimism but thats natural in this market with quite a few investors who've not been around the block a few times.
A few things in my mind:
It will probably take another CR to get into production, mine infrastructure, contractor mobilisation etc.. will be a few mill HRZ just did some toll treating at lakewood to give you an idea of margins etc...
The open pit is small but still financially significant if you approx $1000/oz free cash flow
The UG will take a bit more time to put in place, probably funds from the OP will fund the decline
Most of these deposits in WA keep going at depth so it could crank cash for some time with a plant right there
Where is paint? thats the money shot IMO, they have 2-3 pages on it every preso drawing comparisons with Karri, but no drilling this campaign, seems to me that those thick chunky low grade holes stick out like a sore toe, its the steak to the sizzle and could be a company maker
Probably a MC in the 50-60 mill range is about right without any new resource estimate, in reality with current drilling we're probably in the 300-400koz mark at the moment with alot of shallow, open high grade strike to still be drilled
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