Hi Smart,
Whilst you claim semantics, I ask you to please show me how the gold project is any different from what it was before the new MD took the helm, or even the MD before him (yes, there is more indicated in the MRE, but otherwise, I just don't see it). The PFS will obviously read a lot better than the 2022 scoping study -
Scoping Study (though with a much bigger mill, will come higher capex).
This is from the 2024 MRE update.
Does that read like the new MD is confident the PFS is the final step?
For me, it implies that they will release it, then... move back to exploration for 1-2 years and updating another study, before... anything close to mine development begins. I don't doubt the MD, I think he's capable. Just.... don't see the asset as offering a worthy risk/reward for whoever lends the debt.
As for what I meant about 'time to enter', I am guessing many thought that once the scoping study came out, back in Oct 2022, it would be a good time to enter too? You could be right about offloading non-core assets and I they pull it off. I don't think I said anything unusual was happening, more just that these things take time, usually far longer than investors are willing to wait for.
I think AAR is potentially a good example, albeit, I don't think they will build a plant, whilst RXL will likely have to.
I think AUC is a better example for RXL, but we will see how it plays out.
Good luck to all holders.
(20min delay)