Slovakia is OK as a "safe jurisdiction" being within the EU. However, it is the environmental attitude that is the issue here since open pit mining in particular is involved. I am surprised that no-one has commented on the metal prices assigned. As the graph on slide 5 shows, it is these that have the most impact on NPV. MTC certainly pushed the boundaries of reasonable estimation by using a gold price of US$2014/oz and a silver price of $US29.5/oz. At least they used a discount rate of 8%. Given that the major risk with this company and mine is obtaining licences when an open pit is involved in an environmentally aware nation, combined with optimistic valuations, I will continue to pass on the opportunity to own.
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