Agree the result isn’t terrible - does show potential is there....

Agree the result isn’t terrible - does show potential is there. They’ve got a long way to go - with the mill, with development, with supply before they’re going to show themselves to be a reliable producer, and they will burn cash while getting this going. If they can get mine production up to speed I suspect they’ll still need to look at ball mill option to get reliable plant throughput.

The exploration plays are also interesting and have potential but they are just that at the moment - it’s a long way from exploration to production even for extending an existing pit (and more $$)

The company has potential but I don’t believe the current market cap is justified. On face vale they have a 2.5koz JORC resource and no real production (even Todd Hoffman has pulled out more than 100 oz on a good week) - a cap in the 15-20 mil range would be more realistic (maybe 30 at a pinch).

The one other point I’d make is that management had ample opportunity to communicate the HM3 problems and delays to the market sooner, but chose to put out qualitative rhetoric instead.

Still they seem to have shown in principle that there is potential for reasonable grades at scale. The gold system is going to be tricky to mine and estimate but it seems like a big system with genuine potential to produce good quantities of gold in the long run.

Similarly the whole greenstone belt they have control over has good potential.

All potential, nothing really proven yet and I will be surprised if there isn’t at least one more CR before the year (calendar) is out