For my money, with the current market a pause should be take.
Why build it in a market that doesn't want to support the transition at the moment??
For my money, I would buy this stock again at the current levels if management took the view:
1. Order the long lead-time items so long as they're not likely to change in specification.
2. Finesse the BFS and on-site planning/approvals to a point where the trigger can be pulled at any time. A few months proper planning always pats for itself tenfold.
3. Scale back the exploration burn rate and focus on delivering the increased mineable position they claim is there. The market is saying its not interested in more resource this year in my view. It wants near term cash.
4. Bring the financing up to a point where the trigger can be pulled at any time. A hedge is a likely requirement and who wants to lock in at a low gold price and a dead equity market.
5. Get all the required enviro and mining permits in place as these are always the things which hold up financing and building.
On this basis the co would have a deliverable asset truly poised to capitalise on an improving capital and or gold market. Building now is pushing the proverbial uphill in my view.
GRY Price at posting:
22.0¢ Sentiment: LT Buy Disclosure: Not Held
