Disagree. I am out, at least for now. The numbers of the PFS haven't really changed since the base case, I still think they are good.
This is what sealed it for me:
It leaves far too much pricing risk. The base end of the numbers aren't that good. $13/lb case and above looks great. But we are in weak markets, steel demand is softening, which offsets some of rebar standards increase in demand. 3-4 years is too hard to forecast accurately for a project that still needs to raise $500m. Plenty of gains to be made later on if they do succeed in getting BOA/Finance.
I really screwed this one up but I guess have to learn from these things. Been a challenging year but I hope to be better for it.
Good luck to all
I will probably still post and try and be constructive!
Ann: Gabanintha Pre-Feasibility Study and Maiden Ore Reserve, page-25
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