Ann: Korbel Gold Project Starter Pit Scoping Study, page-161

Use of NPV5 versus NPV10; terrible pre-tax IRR based on high gold price; significantly higher CAPEX than MC; bottom of the barrel cut off grade for deposit; grade is too low for the tonnage - the company will go insolvent if the gold price collapses. No opinion on the Snow Lake side, but other than that, the SS proves this is uninvestable, hence the share price reaction. They will never be able to raise enough for CAPEX and so would have to give away in excess of 50% of the project if someone was stupid enough to take this on.

Even more dangerous when you have fools quoting Warren Buffett on a highly speculative asset which will likely never produce at these numbers.