The BFS was based on a gold price of Aus $1600
Gold recently hit about Aus $1705
This was the perfect opportunity to hedge the first years production at significantly higher
than the $1600 gold price used in the BFS.
I cant understand what is happening, IMO this is a missed opportunity to lock in the
gold price at $100 or more than the price used in the BFS to declare there will be robust returns in stage one.
An extra $100/oz received for the gold would mean an extra $9 million (or thereabouts) which would
well and truly pay the interest on borrowing the full amount and ensure it is paid off in one year.
I cannot understanding what the BOD are doing, IMO the shareholders are not benefiting from this fiasco
EAR Price at posting:
13.0¢ Sentiment: Hold Disclosure: Held
