I would love to see $2 - $2.20 again, as a long term play this...

I would love to see $2 - $2.20 again, as a long term play this is company looks fantastic. Even if, as a worst case scenario, IO falls to below US$80p/t at around a time when EQX gets into production, I'd still expect EQX to be very profitable. It's going to be a producer in West Africa, so you would assume it's OPEX would easily fall into the lowest 25% of IO producers. You can bet your bottom dollar EQX's OPEX will be much lower than anywhere in Australia for instance.

What also needs to be remembered is that EQX is positioning itself on the new frontier. The company is in Africa, and it's in a sector that is closely tied to China (and India in the future). IO companies should be shielded from further downturns in the Western World because the strong demand underpinning IO prices is coming from the developing World. China still seems to be travelling OK, and India should start upon the Chinese growth trajectory soon also.