Unfortunately for holders, todays announcement and follow up...

Unfortunately for holders, todays announcement and follow up call was a shocker.

This study uses very high metal prices based on what they will be in 2029, but uses costs based on what they are in 2023. I have never seen this before in any study. Either use prices and cost for 2023, or use both 2029 metal and 2029 costs. This is a WTF moment…

Typically studies use long term historic pricing (conservative) to justify any development. The fact they have done what they have done, looks like they used high pricing to try and justify the development (and current share price).

Also using a low NPV 6.5 instead of a NPV 10 shows the intent here. The explanation on the call was poor at best. Basically saying no one cares about NPV at this stage. Again WTF….

Also I am perplexed at a concurrent open pit and underground strategy. I have never heard of this before. I have never seen a company spend money on a decline whilst digging an open pit next door.

So many red flags today. Be long, or short, I don’t care, but at least open your eyes to the negatives here.

At least you know why it dropped 25% today, and may drop further.