@Wacko02 - The mere fact that when calculating a DCF to NPV of a...

@Wacko02 - The mere fact that when calculating a DCF to NPV of a project or any investment for that matter. A a discount rate used and applied in determining a payback period which in itself implies that a component of Debt will be required in the financing of the said project or investment. So this together with the additional fact that Management has stated several times that non-dilution of shareholders is their direct imperative. You can then add to this fact the substantial amount of ' Skin ' management currently has in this project and it becomes harder to see further dilution being the preferred option at this point in the juncture.

Lets not kid ourselves though by underestimating an amount of close to $90 odd million as being insignificant and easily obtained. At this point in the current Market and economic cycle , I would think the company would at the very minimum be expected to reflect this value as a prerequisite and/ or precursor to securing any such deals for this finance. This would strangely yet obviously put us squarely back to the Magical 5.2 CR pricing level. Can we get there soon (?) - My opinion is I believe we can. However not without some SP gyrations from the digestion of this latest news.

Whether it is helped along by a binding off-take which in itself will not be an easy task in the present market . At the same time , any sort of ' streaming ' deal to pay for the construction of the plant in whole or in part is even less likely given the size of the present Authier project. On the other hand , if a Strategic Partner takes a stake , we would still find ourselves back to a degree of dilution and an almost certain component of debt.

In so far as how the market took the news today - I would say it would seem to err on the side of a more bearish sentiment. My reasoning for this would be the fact that when the SP more or less opened we saw and additional 14 million come onto the ' Buy ' side from approx 13 odd million prior. This compared to the more or less unchanged positioning of ' Sell ' side orders at 20 -21 million. The trouble was that this additional ' Buy ' Volume was predominantly sitting quite deep into the bids and below .03 cents. In effect this gave the impression of the market preparing and re-positioning for a post DFS drop in the SP. It is my opinion that if sentiment had been bullish , these bids would have been closer to the market and showing a more concerted willingness to bid the SP up.

This was not the case today and these are my views and opinions only and are not given as financial advice.....