No. I did look it over though and discuss it though .its on the...

No. I did look it over though and discuss it though .
its on the fence.  Could go either way in scoping imo
pros - it’s big with low overburden, and the way I read the mass recovery is over the whole average . 
The higher grade is at depth - so they need to blast it all up to acces it.  Meaning - I dont pay attention to a high grade interval mid depth . why would you stock pile the lower grade near surface ? As at then becomes overburden in essence . 

so - it’s 16.9% magnetite mass recovery 
with a slightly lower concentrate percentage / Koit has higher concentrates but horrible mass recovery.

comparing peers it’s sort of half the mass recovery that TNO are getting , (30-40% etc ) and with lower concentrate level .But that low overburden is good .

in general i think any high capex 300-500m project is 
just a “tell him he’s dreaming “  for a spec stock unless 
they exceptional economics with a price forecast that will survive commodities volatiity.   The ebbs and flows of the spec has to beat the commodity weakness to market.


so low capex the key here.  It has to prove DSO viable or 
just sell it off and walk away imo .

I have no emotional attachment- some horses can run the track - some fall over - some don’t leave the gates.

understand the bet.  Can 17% Mass  recovery with concentrates 1.9% get you over the line for a DSO?

better than Koit but not as good as TNO imo .

as I’ve already made a profit wagering from a barren 4m mc to 7.  It better for mine to now simply wait for the scoping study to clarify what capex / margins might be .

in have other bets that I hold at the pointy end , where I’m more confident of the direction.  Just try and spread your ducks with them facing the right way.

GLTA.