Don’t fear a capital raise.
Let’s say we hit high grade ore or visible gold.
We can mine it by a farm out / lease deal or a $200 mn investment.
Given enough of a resource, there is still potential upside.
Either on the open market or with DEG becoming a part owner of MTL, it is a necessary step and IMO, preferable to debt. Maybe we’d issue ~20% of the capital or so as debt, perhaps as debentures with no coupon???
You can math it out as a simple NPV model with standard assumptions re: SOI, gold prices, variable costs, the IRR hurdle rate etc.
As long as we find gold we are happy wanderers.
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