Frankly, I don't see it as a downgrade. Granted, it doesn't quite live up to what a lot of us were anticipating, but still looks like a reasonable trade off of grade for a slight increase in contained metal.
I think it's inevitable that they increase the price deck used for the PFS as a result of the significant price movements had since the SS, and I think we will see a nice NPV increase along with it. But I think even if they left the metals prices unchanged, we would still see a NPV increase as a result of this resource update + other optimizations made (metallurgy etc.) between the SS and now.
Yeah, bit of a disappointing update, but I don't really get what all the selling is about. To me, this project has gone from massively undervalued to massively undervalued (albeit, slightly less undervalued now).
Keen to hear other people's takes on this.
Cheers.
Frankly, I don't see it as a downgrade. Granted, it doesn't...
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