We were waiting on the last of the infill results before making a call either way on Tietto. Last week’s capital raise after ~three months of hearing the “Fully funded to production” catchcry has in our view supported our concerns that not all is as ‘in the bag’ as publicly portrayed. Our concerns remain on the mineralisation continuity. Support from due-diligence completed by a debt provider would have helped to ease this concern but now that equity has been used in lieu of debt we won’t be gaining comfort here. The short time frame from now until planned first gold by the end of this year pushes development risk beyond our comfort zone, as such we recommend investors avoid Tietto.
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