Yes, I'm so lucky..
Options are risky, no doubt, and I'll take it on the chin.
But they are
even riskier if things don't appear to add up very well. (not in my calculator anyway)
But like you, I'm sure, I looked at the PFS, and thought... 'not a bad bet',a few ducks still not in the proverbial row,, but looks damn good.
So in my defense, re risk. Tell me if I'm wrong?
The DFS gets dragged out, reviewed (rehashed, reworked?), and those ducks still not lining up 7 months late, with a view to them not being expected until 12 months after their initial eta. (June 2024 ?).
I remind folks of the salient aspects of the PFS below delivered November 2021.. which swayed me to do some calcs as part of my
risk management.
Highlights !! (looks, smells, feels like a 'goer' to me)
Pg 2
Pg 3 ,, "technologically sound and financially robust project"
... sure , with some caveats re improving that position ("uplift") with better metallurgy re lead recovery.
Then there's the matter of Price of Silver now 44% higher than the "Robust Project" assumptions.
Pg 4
Can I assume then,, that this is the area that has effectively changed our 'Robust Project' to being not so Robust' (and more work required) ??
(If so, whyso? and a preamble as to how they are managing this would have been reassuring.. and perhaps why their "Contingency" notation came nowhere near meeting the obvious contingencies they have experienced..? )
I'm sorry, yes, I'm a little "twitter and bistered", and maybe I've missed something obvious. With the information to hand, things don't add up like I would have expected.
Please let me know if I have missed anything. I've included the inserts as I'm trying my best to be accurate and not biased.
I can't read it any other way, but that this project had all the hallmarks of being a successful project in of itself with or without any other metallurgy, extensions of Paris, copper, moly or other accretive component. And we should have known in June 2024 , (8 months prior to option expiry)
I imagine in time it will all be good, and the project will lift off..
My beef is the
timing, communication, and execution of some of these stages. To me it has been a debacle, and as a result, may impact on the option viability, which in my mind has been a train wreck.
Sure, those picking up shares at this stage might do well (maybe even options - god knows you can get them for free almost) .. good luck.
Perhaps some late news might impact the options... even more good luck required, I think.
Cheers..
Just my opinion (and gripe) DYOR
(20min delay)