I don't they ever got up to anywhere near $200mil... Think max was like $75mil... With the benchmark being a BCN type valuation if they could have been a 20-25Koz P.A producer.
The mistake was Rick not deferring the FS, instead, releasing the FS at the lowest point in the recent gold price cycle. Please don't take this as blaming him as we're all responsible for our own decisions and what has transpired is what it is.
However, had he deferred the FS, raised more to expand drilling, valuation would have been hit but not as bad as where it is now.
I don't buy into the BS they are claiming on why the results have been poor. & IMO they've instructed the labs to not release the results.
The best thing they can do now is pivot & acquire another project which has better liquidity.
We can't risk anymore risky drilling. we've already sunk enough blanks into the hoax barkley prospect. & even if we hit a think highgrade Cu hole, if the SP does't re-rate multiples or at all, then what is the point!
They just need to conserve cash now until they can fight a project in a sector that is pumping
MDI Price at posting:
4.4¢ Sentiment: Hold Disclosure: Held
