To answer the tonnage question more directly. ADT could probably...

To answer the tonnage question more directly.

ADT could probably make the go ahead decision now based on what they've already defined to date. They can get brownfield open-pit project Veovaca up and running in no time... blend in some high grade ore from Rupice and you turn a pedestrian mine into a cash generating volcano.

Having said the above, I like to view projects through the lens of an acquisitor.  When you take size positions in an illiquid microcap, you aren't counting on small retail players to bail you out... you are hoping someone larger than you comes around to bid for your shares.  The tipping point for most mining companies is typically around 10 yrs of mine life (see Arrow and Hod Maden studies) with upside for more.  Using the Taylor Rule curve below, that is roughly 6-8Mt of mineable ore.



We are not there yet, but once ADT gets to around 8Mt, mid-tiers like SFR, IGO, DPM.to and LUN.to will take very keen interest. $3-$5/sh takeout.