IMO, they spent big on drilling fresh targets from ground level. That required roads be built on the hillside. Given they used the 18 km of existing development as a selling point, why didn't they do what they're doing now (u/g refurb and drilling) then? That's the logical place a restarted mine will commence from. Could have developed a 250,000 t reserve u/g and commence a 25ktpa operation from that. Use cashflow to explore around. Lots of the existing resource is spread out, requiring costly underground development to connect them or install second portals to access. The market see they've spent a crapload on drilling and need to spend a crap load more. Probably $50M worth along with PFS and DFS studies. That all equals significant dilution.
It was probably Charlie who said stop faffing around looking for new targets/OREX etc. Just drill where we know there is mineralisation, and that's underground in existing development.
Uncomfortable Buy, page-94
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