Why will this end differently?, page-15

Hi Yilgangie,
sorry, but... OBMs plant is not scrap. It is an operating mine.
They have been able to recently achieve nameplate capacity of 1.2mpta.
To build a new plant would cost north of $100m, let alone the initial capex required to strip pits and build up the ROM pad stockpiles.
So far, OBM has ploughed in approx $100m over the past 18 months.

It is interesting that so many gloss over the issues that got OBM to where it is today. A large part of it is due to the Riverina ore not having been property tested met wise. As so far, while the grades are lower, the gold appears to be there in both of the main open pits.

The still have over 400k in reserves which, IF... yes it's still an if until the successfully get AISC below $2k, will enable the company to start ploughing money into exploration, of which the company has done very well with limited funds results wise in recent time, especially when I compare their results to BDC for example.

I any case, I finally decided to repurchase a small amount of OBM shares today. OBM has almost ironed out all its bugs, yet... it now valued at peanuts. In reliable hands, this is a very cheap asset, especially for a producer that wants a second or third operating hub. Davyhurst has lots of gold deposits nearby that are basically stranded, and in time will acquire them if exploration does not succeed (but I think it will).

So interesting to watch the likes of RMS/GOR throw $170m at AOPs undeveloped asset, or... WGX throw $140m at GCY (in production), yet... sit and watch OBM with its sub $60m E/V.

Risk reward for me now seems fairly muted, though many on here keep saying OBM is heading for administration....
We will see how this plays out.