Happy to put my opinion out there GH but I’ll be the first to admit that I am a little out of my depth here…
Firstly, I agree with XP. Like Alexander, the Big River estimate, in my mind, is super conservative. With only 3 of the 6 shoots having been drilled, and 5 of them open to depth, I believe Big River is more likely to be a +500koz resource.
I think we all agree that Alexander is similarly under appreciated and the next 3 essays will likely wake up the market to the stand alone value of this project. Once drilled out we could be looking at 500-1.5moz just here alone…. We await JORC to confirm and from what I have read, we will have should have this in time for Christmas.
Now for a small explorer, with minimal capital, that is whole lot of GOlD. I have no doubt that Rodan wants to mine here but it is a matter of where, for what cost and to what level. If a mid tier miner was to knock on the door (remembering that Rodan is well respected and has great contacts) and want to take either BR or Alexander off our hands, I think it would a great opportunity to increase of funds and further assist the development of either of the resources. If I am right and BR is closer to 500koz, I really don’t mind which one is unloaded. Remembering there is also Lyell, Golden Point, Auld Creek, Reefton South, Bell Hill and Waitahu to further explore…
Lastly, to Baz’s comment regarding the structure of the announcements. I think early on, Paul Angus was writing the announcements. About 6 months ago there was change made and and a marked improvement in the way in which the results were presented. Remembering that we are a small operation and with minimal admin and marketing resources. I think Rodan and Co. are doing a great job on focusing on the drilling, using company cash to prove what exactly is in the ground. We have been luck as the majority of the announcements we have received are not typically news that listed companies would publish. Even yesterday’s estimate announcement is a little strange. Sure big strikes are put to market but the majority of companies only print their JORC and higher level updates.
I am happy to continue to accumulate and like over at ICL, I have little doubt Rodan will succeed in turning one of these resources into a successful mine.
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