Lucky I am up around 950% or something like that and only have a very small holding.
Some very heroic assumptions about metal prices and eye-watering upfront capital costs so therefore an unsurprising reaction from the market. I would love them to redo a smaller plant & pure underground sulfide only mining scoping study on the deposit and also redo the study using sensible metal price assumptions and see if it works. If it cannot be selectively "high graded" and realistic metal price assumptions then its never going to make it as a low grade capital intensive mega-rock factory.
Might be staying in the ground until there is some sort of revolution or step change in metallurgy/recoveries and/or metal prices to make it more attractive.
As others say - won't be attractive for large miners until all the permitting risks are taken completely away, and by doing that, then any future operator is committed to that sort of operation and has less flexibility to change the capital cost, project footprint and mining methods and metallurgy to improve the economics so they are either locked into a bad plan or have to go back to square 1 with permitting..
I think going back to the regional exploration and the drill rig and testing some other targets might be the best use of their time, because possibly a future discovery with better economics might change the entire economics if they can find some high grade starter pits to give the economics a boot up the backside.
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