Snowyjim, while I'd also like to be optimistic [atleast because I'd like to recover my losses] we have to remember that there is no proven reserve at Mako - there is only an inferred reserve.
In effect, the purpose of the capital raising is to provide the company with enough revenue so that it can explore Mako and determine whether or not there is a reserve there that can sustain a profitable mining operation.
I really don't think we can start talking about profit figures until they get to Mako and "explore" via digging up the ore and processing it at the Mill (which is what the Snowden report says is what will determine the reserve).
The risk is that they get to Mako and there isn't the reserve we are hoping is there. That's not a scenario I hope plays out, but it is a real risk. So while there may be upside, there is still a pretty big downside risk at the moment.
CGT Price at posting:
10.0¢ Sentiment: None Disclosure: Held
