Value, Grade and size of inventory, page-42

I think that pretty much sets out the story. There is huge management risk and to date they have not demonstrated the professionalism of a well tuned crew and rather look like a bunch of spivs spruiking to get themselves over the line and knee jerk reacting changing direction on strategy.

The ability to borrow will not be from a bank IMO. If it was it would be at a very minor single digit of face falue of rough and at crazy interest rates and you can't possibly get tied up with anyone in ruby trade as it pre-announces what grade and volume you will take to auction.It is a cartel and they will play very hard and dirty IMO.
Beware MUS being cornered and entering into a spiral debt type financing as they really are over a barrel and unless they give a lot of detail regarding throughput and actual area they are mining.
The buying of gems from artisanal miners is sucking cash.

If you think GEM will have a dig at em than expect GEM to close every possible door in their face in regards to selling ruby rough or polished and being a dominant and regular supplier to the cartel they have significant market power and as MUS have found out you need very deep pockets and very big balls to play in the sandpit.

A bit of truth about secondary deposits and how pockets of gravel hold stones and how hard JORC will be as there will be massive inconsistency unlike primary deposits should get some more discussion as it isn't easy and is like alluvial gold and we all know how many small alluvial gold miners have had issues defining resources .

Very hard to value as "gem quality"these days can refer to tiny weight stones that can be polished and until MUS tell us the break down of size of stones we are clueless and then we need to assume what quality. Lots of unknown hence the valuation and price movements as traders and investors discover a greater knowledge of the ruby market and reality of the geology and problem of mining with input from artisinals in Moz. MUS shallow explanations and lack of detail has allowed the market to speculate overrunning so they could raise and some reality to risks is back in the equation. Can't say it is expensive but it is very high risk with the way it has been managed and the fact so many traders are playing .