Okay, Wolverine, let's apply a qualifier and say Spasskaya has 'the makings' of a Tier 1 project. As you observe, it is as yet at "advanced exploration" stage and some distance yet from JORC "measured".
And yes, money WILL have to be spent to achieve tht 50% earn-in.
But I guess the crux of the matter is the reliability of the Soviet-era data. Jordan has a great deal of expertise precisely in this type of geology ...has walked the ground and viewed the data.
I can tell you he IS most excited, both at what is already apparent, and at the exploration potential. (The rumoured RIO interest in Spasskaya very real, I understand.)
As to the market ...its vagaries seldom surprise. Though with that said, it IS mildly eyebrow-raising that the HoA on such an exciting project on such terms has resulted in an actual diminution of the Company's perceived prospects.
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