Ann: Drilling Results Deliver, page-48

Good overview of project.

The conclusion was probably worth reading for a few in ivory towers

"Even on a 51% ownership basis, Braud estimates that such a project could be cash flow positive within two years with capital expenditure debt fully repaid based on current commodity prices.

However, we see the recent drilling results as potentially changing the entire metrics of this project as the scoping study didn’t allow for the discovery of very high grade material amenable to high margin underground mining.

Consequently, while Braud has presented a fairly positive valuation case, future studies based on upgraded resource estimates and new high-grade discoveries could reveal even more compelling financial metrics than those currently being used as a base case, or for that matter, superior to those that are presented in the upcoming prefeasibility study."

(my bold)