npv, page-18

gosouth,

If the deposit is so large and profitable as the company suggests pointing to a multi decade operation then perhaps the best way for long term value is for SYR to keep as much of the project with minimal dilution as possible. So starting with a capex (which reflects the production rate) that they can best fund either with debt, offtakes or partial sale of some interest, or combinations of the above. Its really upto the ability of directors to market and sign such an agreement. The ORE joint venture is a good one to look at, perhaps SYR could sign something better.

Perfer start small then expand, rather than starting too large and diluting the company with placements, really upto directors, but seems clear that $150M type capex is what they are pushing, perhaps 30-50% of this would need to be equity without any other arrangements.