"I find your 1,6% grade very optimistic. The MRE is 1,12% and...

"I find your 1,6% grade very optimistic. The MRE is 1,12% and that is before mining dilution."

The crucial mistake you make (you obviously didn't read my post) is that you don't understand that I'm talking about the early years of mining the thick, high-grade zone at surface. From these early years will come the capex repayment.

Also, perhaps nitpicking a bit, but we would expect the model's grade to increase as the resource moves into higher-certainty categories (ie M&I) after in-fill drilling is done, because lower-certainty models needs to "discount" grade for continuity risk due to the wide hole spacings.

Here's that nice, thick, shallow high-grade zone at surface:



We're also talking about the project economics for Adina, for whoever owns it (almost certainly not WR1 alone.) I don't accept just arbitrarily adding 70m usd to Adina capital repayment because WR1 has other assets to drill. Those will not be the expenses of the JV-Co, and could potentially be spun off in the highly unlikely event WR1 doesn't sell or partner with Adina.

With respect to your analysis, as a non-holder with little knowledge of the asset, I think it's a case of "garbage in = garbage out." No offense.