That's a good reply. You are addressing the issue head-on. That...

That's a good reply. You are addressing the issue head-on. That said, you can be sure that in every conversation a banker, an investor, or an analyst has with this company, someone is asking "what kind of EBITDA do you think you can produce?" And a management that cannot give at least a range of possible values isn't going to get funded.

I agree with you these would be guesses, but you can more or less capture an accurate range of things by looking at other companies with similar operations. I am pretty sure we can have intelligent guesses about things like extraction costs and EBITDA, and talking about those guesses is a whole lot better for our knowledge of the company than just investing on a gut feeling.

By the time they provide a favorable DFS, 90% of the upside for a junior explorer will already be in the stock price. No one makes consistent profits on junior commodity stocks by waiting for the reports to come out. The reports should verify your thesis or disprove it. I understand some people do not invest in early stage juniors, and that is okay too. But right now this company is an early stage junior, so it is either make guesses at these things or just invest based on hope.