new investors perspective, page-15

fmx, I was not comparing to their mc, I was comparing to the scoping study NPV. They only own 80% of the project and their market cap is now very close to the 80% of the NPV.
We are well below my idea on NPV with very strong exploration upside.

I have just got off the phone with Darren.
He filled me in on a couple more points.
The most important being that the cross section shown was for the entire resource (inferred as well as indicated).
It shows (and he confirmed my interpretation) that the strip ratio for the bulk of the resource will be low (not just the indicated resource zone).

He thinks we will be well below Dorays cash costs and after my new understanding of the cross section, I now expect cash costs to be closer to $300/oz.
The entire resource has already factored in considerable mining dilution.

He also explained why we have so much exploration upside and after hearing what he said, I now understand this resource could easily much better than double in size.

One step at a time though, but for now I am comfortable to buy quite a few more when I feel it may be bottomming.

Also important re valuation is we have very large tax losses inherited from the shell company.