Was my old rating. At the moment I'd say I now have no sentiment...

Was my old rating.

At the moment I'd say I now have no sentiment towards it.

These results were better than expected. So it appears that management have done well to improve the operations.

Though as an investment there are still way too many medium/long term unknowns both in relation to the resource itself for this to be a "buy" and the company is still under capitalised and operating on tight margins with no control over the milling of their ore.

So with a low capital buffer they need quite a few things that are out of their control to go right, and for shareholders if any of them go wrong they'll likely lose the majority if not all their capital.

And even if everything does go right over the next 3 to 5 years I think at best the market would see EXG's as a $40m to $70m resource at current gold prices.

So the risk reward still doesn't appear to be there yet from my perspective.