ADG in 2023, page-44

@maxcap200, the numbers you've presented makes it seem like a $12M spend magically turns into $82M (in the future).

The preliminary Scoping Study (based on lower-level technical & preliminary economic assessments) suggests the following numbers...

• Initial Capital Costs (excluding working capital) : circa $12M
• Production CAPEX : circa $8.4M
• OPEX (over the projected 5 year LOM) : circa $ 125M (which is an important consideration because the money required to keep the ADG show going over a 5 year LOM won't materialize out of thin air).

So, your suggested $12M spend (for an $82M future) is a bit skinny in the context of the money ADG are anticipating they'll need to spend over a (5) year LOM. Hopes & dreams of lucrative gold production at Adelong have historically evaporated (for one reason or another) since the early-mid 1900's, but mostly because the gold they expected to find wasn't found in the expected quantities where they expected to find it.

Whether or not ADG manages to do spectacularly better than the previous owners of past decades, only time will tell.