Hi I have taken a small position here. The risk-reward calculation seems pretty good. The MC seems very low given the resource already quantified, the grade, supplementary income through copper, and future resource upgrade prospects.
I am seeing three things that might be keeping a lid on the share price: 1. Metallurgy and related process complexity as PB has referred to in his various presentations. 2. Chinese involvement - I cant help but observe how the standard main shareholders list doesn't appear on the "corporate overview" slide and how PB consistently refers to a loan from "the biggest shareholder" without mentioning who that is (please note I make no personal judgement on that but just see it as likely a negative to some). 3. Absence of local consolidation momentum thus denying us a backstop option when the professed development pathway is inflation-ravaged and difficult.
Welcome any comments either for or against what I have said before I decide to commit any further.
MM8 Price at posting:
5.8¢ Sentiment: None Disclosure: Held
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