Agree totally with what you are saying. I hopped into this back in 2012 and bailed around 2014 when the SP hit .165. I had a couple of chats to Mark Caruso back in the day who was fairly confident the grades would hold and I remember him saying he thought he could get 12-14 years out of Tormin.
He was not trying to sell me anything, he was just giving me his opinion based upon a lot of beach trenching.
The fact is the grades could continue to reduce or they could increase, no one knows.
As you stated, attempts to extend up and down the beach have failed. Xolobeni is dead. Graphite....pffft! Iran....? Yep could one day amount to something but at this point in time MRC and your 14% divvy is totally at the mercy of what the next tide brings.
All in my opinion only.
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