The EM2 predicament is that the resource is too small to start mining at a decent rate. The reserve may be 120,000 tonnes, so are we going to have a six year mine life? Pretty short LOM if the capex is $300M. Ideally we'd have double the resource before any FID is made, and that would be $50M+ worth of exploration and drilling. Raising that cash at this MC would be highly diluting. Hence the languishing share price.
Ann: Positive Assays Provide Development Options at Oracle Ridge, page-35
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