Ann: Robust Phase 2 Scoping Study for the Estelle Gold Project, page-124

Ok, I feel like your getting a bit ahead of the project. No one is going to finance the mine based off the data we currently have. The points you raise are completely fair, maybe @NovaMInerals2 Craig could follow up on the reduced mill feed grades, say -15% and -20% etc..
At this early stage I tend to go off whats presented in the study, if the mill feed grade drops by 10%, NPV is ~40% less. This next drill campaign will go a long way improving the confidence in this area, if they can find more resources near RPM and Train et. al. above the 0.8 to 1g/t.

Assuming -10% mill feed grade then the NPV is $377M USD, valuing estelle at approx. 8% of NPV, from what I've seen that is pretty low still, and the payback is only at 13 months.

As far as other case studies and examples etc., I don't get into the weeds that deep, I've seen a few mentioned here before but can't remember them. I haven't got a large sum invested because I tend to focus on technical analysis and risk management, if this goes to zero it won't really affect my overall account. There is potential here and I will trade it on the way up, same as that other gold spec in Chile.