Ann: RMS: Ramelius makes strategic investment in Spartan Resourc., page-90

DEGs Hemi went from a small high grade deposit to a large low grade deposit - based on that I would say economic risk went up as quick as the NPV went up .
Reminds me a bit of Chalice ..
And where is the blue sky NN could go down for a mile , Hemi is limited in depth because of strip ratio climbing the deeper it goes with no Under ground plan although some good hits at depth admittedly
Then there is Golden road with around a 20% blocking stake

Also think they need pressure oxidation (POx plant ) as the ore is probably not free milling , so another potential risk factor and not cookie cutter , mind you salubriously reiterating your salient point we do not even need the cookie cutter , just some cooking oil for start up .

Also guessing there is a whole mix of transition , oxide and fresh rock to contend with compared to mainly fresh rock here which standardises milling.

also we are not a loan soldier like DEG , there are ore spokes starting to appear for the processing plant mining hubs in the Murchison , Garden valley going to Blue Bird mill , Break of day going to Checkers , Melville or others going to Dalgaranga .

If maybe DEG had derisked itself with a $1.5Billion plant paid for maybe I would entertain the thought of dipping my toes into its tepid hydrothermal waters , but no not currently

Lots of negative intangibles with DEG that are hard to value not so much with SPR