my slant on the Options scenario, purely on the Open Pit mine...

my slant on the Options scenario, purely on the Open Pit mine project #1 NPV for 15c share price which turns out to be 47% of NPV, 15c was used to cater for those buying options on-market at around 2c.

all those other value add things disregarded, but of course as they come to fruition they add value, hence the below table is purely the base case



note: $66m market Cap assumes 100% of the options getting executed and SOI is the total 442m

So when may we expect around 50% NPV enroute to a project coming to fruition ?, according to this (and as you say above) around DFS and mine decsion time




so make your own assesment at what point between now and then, those other things may happen and will have a real case in their own right to add value to the share price in additional to that which we already know to be the base case of the Open Pit mine Scoping Study (ie $218m USD NPV):

• DR settlement
• Gold Price finding a new accepted norm well above the modelled $1650 per oz (positive effect to base case NPV)
• prior assays upgrading the maiden JORC resources (positive effect to base case NPV)
• project #2 - exploration drilling
• project #3 - exploration drilling
• Offtake Agreements
• Finance Arrangements
• re-commissioning / relocation / sale of the Albion plant

specifically with regards to the options, and their likely execution, there's certainly 2 or 3 of those dot points that are quite positive to NPV and overall company value

It's all very interesting I reckon, but the timing does seem to fit with the April 2023 expiry date of the options themselves.

From the Scoping Study-

look at the almost 50% increase in NPV at gold price $1950, my data suggests we last saw $1650 gold early April 2020 and to see it again would equate to 13% fall from current levels, to see $1500 gold would equate to 21% fall from current levels - current level $1910.