These things take a while. They must moved at a considered pace otherwise they risk shareholders' fund. To get a gold mine into production, it takes at least 2 years) and that is after drilling their resource!.
Be patient. The next milestone is completion of their DFS. This will given them an understanding what sort of plant to buy and what their resource is actually capable of.
I am a bit disappointed that they have missed their mid year target to release their DFS. However, this is due to them considering a larger plant size. I presume they had to revise this due to more recent drilling results. Now they are looking at increasing it to 4Mtpa.
I don't like it when companies don't stick to their plans. However, given they are now ordering the mill, I see this as a positive. They have enough cash to fund key parts of the construction. The next key risk is debt funding. Given their healthy cash balance, I don't see this as a major problem. They can conservatively get the 2Mtpa plant geared to <50%.
Very positive about this company barring any significant mishaps.
GRY Price at posting:
65.5¢ Sentiment: LT Buy Disclosure: Held
