"I've rated the project downwards upon reading this today. The...

"I've rated the project downwards upon reading this today.
The ore grades will be very modest once diluted.
Still think they should be doing more exploration before assessing the project economics.
I don't see anything value lifting coming out of the scoping study"

CR & dilution are the over-arching themes that will drive valuation of this company for the next 3 to 4 years.

You say the co should have performed more exploration before publishing the PEA. But this would mean conducting the upcoming CR without even a rough estimate of project viability. I don't believe they could have raised a single dollar in this scenario.

I agree project economics are looking less promising. Worsening macros are also likely to weaken the business case for development. The next CR may be nasty, but I think the company is choosing the least worst options atm.