its the gold price stupid.

Looked at the the results of the BFS and supporting presentation.

I'm actually quite impressed with the fundamentals and it has delivered on promises. As pointed out a lot of quality golides are being sold off.

We have a dilemma here a quality project in a commodity that had a tailwind that has dropped off. Clearly there is an upswing of optimism in financial markets with a risk on trade for industrials which is a risk off trade for gold.

Is the gold price going to nose dive that's the question. Actually one I can't answer.

I will throw in a couple of balancing positives though.
- Japan has very recently pumped a lot of money into the system so the printing money to deleverage goes on.
- Usually if you're in the lower qaurtile of prices as a profucer you do weel. This has partially been addressed with the $1,300 scenario and Low (5%) discount rates. this goes back to my commnet on details of the BFS.
- The option to heap leach will futher drop cash costs.


For what it's worth my intuition, which is probably less developed than veterans like the Gooch and Loki etc. Is that the stock will be just fien and en the end repay perseverence.

Please note at my little by line.