great idea gonnfishing and an interesting exercise
your dot points seem to have covered all of the relevant issues
i would just like to add that the winder upgrade delay really boils down to a product recall that MCO didn't really have much control over despite the fact that perhaps it should have been ordered much earlier
the problem we have at the moment is that sentiment is quite appalling - but essentially it comes down to this :
whether you believe that the gold is there in the grades you would like it to be
and if it is there, whether you believe that the current MCO team can bring it to the surface before they run out of cash
on balance i agree with tazmac's realistic view but still remain confident of the above
buyers need to have a compelling reason to buy - at the moment no compelling reasons exist and it seems that the market has summed up the current situation and decided that the sp is somewhere in the 20c's. until we get some positive announcements that is where the sp will stay
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