A few years ago when they were planning Karouni the originally target was debt paid off and $11m “bullet” in the bank by June 2018. At the time the market cap ranged from 100-200m - even months after casposo sale. The high grade ore, though turned out less high grade than expected, was always going to run out
Today, we will have debt paid off by October with maybe $5m in the bank.
Being 3 months and $6m off cost TRY a 100m market cap.
Today’s reaction to the update is much bigger than I would have guessed. I don’t know what’s going to happen next.
A few years ago when they were planning Karouni the originally...
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