proposed $16.5m capital raise, page-29

Alex
I agree infrastructure is an asset if it can be put to productive use but owning infrastructure that cost 400m to develop does not mean the company has some high implied value.
I just want to point out you keep making some factually incorrect statements. The market cap post CR will be 32 million odd, not 15 m. Now to point at how optimstic your statements are at 1 dollar that would be a market cap of 350 million
Now I ask you to find me one company with a 50k production profile with no resource and no reserve worth 350m.
Furthermore where do you get you 1000 margin from ?
Do you assume gold will be 1700
Have the provided cost estimates of 700 and if so are they cash costs or total costs
How long is the mine life ?
Look at some comparions , IGR, GDO ,TRY, look at their market caps relative to production, margins ,
Mine life etc and you will see there is a fair bit of wishful thinking. What is worse if if they don't produce the 33koz then another CR will be required pushing put shares on issue even further. If you are going to invest in gold stocks- read as many presentations from other gold companies as I have found it really helps you assess risks better and value a company more.