TAM? Difficult orebody, isolation, cost pressures - but in particular poor management to date.
Yes, they appear to be clawing their way back, but they're a long way off cash positive.
The odds are stacked against start-up gold producers - especially if they're chasing narrow-vein, or remnant stuff that's already been picked over.
I read a while back 1% Ni = 12g/t gold. I can think of a whole lot of 1% Ni deposits, but not many 12g/t.
There's a co called Alloy(AYR)that have a 5g/t deposit ready to start developing, but have held off because the risk is too high.
Im sticking to Coal, Fe and maybe Tin.
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