Ann: MCB Project Mining Permit granted by Philippine Government, page-77

it’s funny that you think I’m gigachad. It’s as if people here have such blinders on they cannot believe it’s possible that dissenting opinions could exist. But the market has spoken. You guys think npv is billion yet you sit at a 34 million market cap. Market has spoken.

even if we assume the npv calculation isn’t riddled with errors (I’m too lazy to check) you can write off 50% for country risk. Another 40% for project risk (which can reduce as things progress)… so 100mm market cap today. You need minimum ten million soon to keep the lights on and get a bankable fs, so you suffer a min approx 28% further dilution to fund the next six months unless you find someone willing to buy this thing without it…. And if someone did, they’re going to demand a hefty discount and likely offer around what Svm did, or maybe a little higher. That’s pretty much the best case scenario. The worst case is you get diluted to produce a bankable fs, fail to secure financing and you lose the mining license. Then you get a ten to one consolidation, a new equity raise and by then you are all left with enough share value to buy a pair of sneakers.

if Svm wanted to come back to the table later they wouldn’t have reduced their position after the initial rejection. That they did indicates they were making way for someone else as this project is already hugely risking… an expensive proxy fight with a blocking bid would have made it untouchable. they’ll sell the rest of their stake when they can get some profit out of it, which hopefully is soon now that there is a little life in the shares again.