Speculator 101 - Per the Copler site visit presentation (on Alacer's web site) the pre production capex on the sulfide project is forecast to cost $633 mill - see page 68. The remainder is sustaining capital for the years following commissioning and therefore are not an upfront cost but merely to keep the project going over the next 20 years or so.
On page 62 you can see the forecast cumulative free cashflow which peaks at -$367 mill in 2017. They currently have around $320 mill in the bank + $21 mill forecast in 2015. Consequently, if the forecasts are correct they will need only a small amount of borrowing - say $50 mill - to get the project up and running.
This investment will increase the mine life by 20 years and there are significant further reserves not factored into the NPV of the project.
http://seekingalpha.com/article/2433065-alacer-golds-1-billion-copler-project-is-being-valued-at-0
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