Standing Strong !!, page-3

I'm not too worried. Hysteria often follows hope, just as reality follows dreams. The question for holders is whether to sit and wait it out, or average down in the weakness. Adding more capital now means increasing exposure and risk, but with the potential to get back to green earlier.

Is the Mt Thirsty JV worth 34M? That's little more than $1 per ton current resource. The contained metal, (inc the Mn), at the lowest SS recovery rates, is worth today about $100 p/t. The SS puts the opex at $43 p/t. Capex raises that to about $50 p/t.

So the current market valuation is $1 p/t in the ground for a potential $50 revenue p/t, confirmed by a low-ball conservative SS. I have a feeling it may rerate.