The company hasn’t released a feasibility study so there can’t...

The company hasn’t released a feasibility study so there can’t be any genuine analysis of NPV. The revenue isn’t really the point. Even if we assume 500koz of resources are converted to reserve (which would be very high conversion), the scale isn’t there to justify the standalone capex which would probably cost US$150-180M if we use CHZ’s recent scoping study as a guide. Sure OKU probably would have an on-paper positive NPV but that is no guarantee of a project that will be developed.

The management team know that the scale right now isn’t there for a standalone mine which is probably why they drilled for so long in other areas before releasing a maiden resource. Previous raising at 32 cents (in a hot gold market) is not relevant to today’s market.
I mean the alternative is probably raising say another 100M shares at 7 cents and scratching around for another year searching for elephants. I think this decision is pragmatic in current environment.