Something Fishy Here!, page-93

No double standards. I have looked at AQG and their DFS. The project's production profile might be long but production drops off quickly soon after the projected debt pay back period. The projects IRR is also very low.

I have also said in the past that I don't trust the pressure oxidisation process as gold recoveries are very sensitive to the levels of residual sulphide sulfur. Differences as small as 0.05% residual sulfur can make the difference between good and poor gold recoveries in the final neutralisation and CIL circuit.

I also see having twin autoclaves as a risk because if either one runs into problems sulphide ore production will be halved overnight. If the project runs into teething problems or one of the autoclaves goes down or is slower to ramp up during the debt repayment period the very high amount of debt this company carries will become a very significant problem and could disrupt the long term cash flow assumptions (ie value assumptions) and negatively effect the internal rate of the return of the project even further from its already low level.

From a political perspective I also see Turkey as being more unpredictable than Mali as it plays and has always played a central balancing role between the middle east and Russia. It has unambiguously proven lately to be no friend of the US and tensions with Russia have persist over Syria until recently, with the US withdrawal from Syria, the relationship is thawing again and a new alliance is being forged.

https://www.middleeasteye.net/opinion/dangers-turkeys-deepening-relations-russia

This just puts the likelihood of more conflict between Israel and the proxy forces of Iran on the table in the middle east going forward, so more potential for conflict between the "East" and the "West" with Turkey at the centre of the east west power balance. I don't think the US can stay out of the middle east for long.

In anycase you are all free to invest your money wherever you please. AQG is not for me based on a number of risk factors and longer term value drivers. Esh