Good post, but we can't forget the MC.
Exploration companies that have just cap raised $2m to drill average tenements sit at this MC.
This project has $25m to drill/ acquire/ etc good tenements at $10m MC.
Usually the upside of drilling is factored in. Not the downside of bad drilling with $25m
Ann: Tick Hill Gold Project PFS Results and Maiden Ore Reserve, page-48
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