Ann: Investor Presentation - DFS Outcomes & Equity Raising, page-203

Not ridiculous, fact .The key number is the AISC which happens to be lower than that of De Greys proposed plant .Though Blackwater is slightly lower grade than hemi it is not a sulphide deposit .
The great thing is the management ,they bought the deposit 4 years ago for 180 million and will now be producing gold in the next couple of months .
The management is superb ,profitability is 500 million a year for 10 years .Value of the company is up 10 times in 4 years whilst de grey has been stagnant.
my issue with DEG is that I dont think that the De Grey management has the capability to actually build the plant ,already the costs have gone up a lot and the timelines are slipping by a large amount .it is not even permitted.
What Gold road did is very instructive ,they sold half the Gruyère deposit for 500 Million Au and brought in goldfields to build the plant .Gold road has directors on the De grey board and they didnt have the expertise to build a 250-300 thousand ounce per year plant, .
De grey has just continued to spend money on exploration ,NVO (which is not doing well and changing management )and Kalamazoo (which is also having difficulties with its auditor)So they are wasting precious capital which all should be saved for the plant .They should be laser focused on the one task ,saving capital and building the plant.Foolish to try and build such a big plant from scratch.
So we will see what happens .The tea leaves dont look very promising for De grey .
Interesting interview of the pdac Ming ceo of the year .Agnico is successful because of its laser focus on regional mines (ie Malartic and detour lake) and not attempting to come a global mining company .Zero chance they will buy hemi.NEM is doing the same thing focusing on BC.