! billion tonne resource, page-4

I work based on 1 Bt, because if ROY is to continue exploring till 4.8-8bt it will take many years & issuing many shares in order to have funding. Pre-feas will take up $20m cash. If you look at ROY's timetable, seems they want to develop based on 1 Bt then explore further once starting to generate cash flow.

More resources don't translate higher share price, market wants certainty ie bankable feasibility study & JV partner (funding for the project).

If you look at MMX, DMA & ARH, they got a bit of resources but sp collapsing due to uncertainty in funding arrangement. ARH been trying to get funding since early 2009 when their JV pulled out.

ARH with 1bt at (1) lower grade (23%), (2) less infrastructures, (3) almost no cash left (<$2m), (4) higher OPEX, (5) higher CAPEX & (6) mining lease not ownership (project will return to owner if ARH goes into liquidation, ie can't sell it)... still can manage $120m market cap in current market. My previous post, calculations were extremely conservative & excluding ROY's other projects.

ROY looks very good for long-term.