Ann: Bonanza Bluebird Gold Results Including 5.7m @ 49.3 g/t Au, page-36

The problem here is more than the Oppies. TMS promotes itself as a future stand alone mine, the next Peko.
As good as the hits have been the geological footprint makes this ambition highly unlikely.
This will almost certainly be a small, high grade resource.
Capex needed to build a mine would be huge, perhaps $300m?
That Capex is only justified by a very large high quality resource.
So the possibility of a high grade resource without a mine ie a stranded asset is real. This makes it high risk and investors are wary.
Great hit after great hit incrementally goes the resource and is not going to derisk the project quickly, if at all, so the SP is stagnant.
IMO TMS would be better by being more realistic about the future, drop the pretence of a stand alone mine, and work on linking with other small explorers in the region to create the scale needed to commercialise.
This would help to derisk the project.
Lots of potential here when synergies are developed.


my opinion