Looks to me like they will need much more cash and debt than that stated in the DFS and the all in cash costs of $2.09USpd are way too low for such a large build from scratch location, you can have massive resources and a good DFS but if there is no infrastructure and it costs a fortune to build over 2-3 years then that is a negative factor,
i think more CRs will occur over next few years which will build the cash pile which they will burn through quickly once construction starts. Better to have more cash than debt in such a location as debt "makes banker your master and you his slave". Much cheaper NI stocks around with actual production and low debt like MCR or POS as shown in Petra Capital analysis posted.
SIR Price at posting:
$4.08 Sentiment: Hold Disclosure: Not Held
