I am not so concerned about the discount rate since the time to...

I am not so concerned about the discount rate since the time to production is so quick that it won't change the NPV much even at 10%, plus the payback period is very short. The gold price is OK as they have a reasonable buffer given the C1 and AISC numbers.

The weakness is the size of the ore reserve and grade. This is so conservative it is silly. On a underground high grade/narrow vein resource like Rothsay it costs an absolute fortune to convert resources to reserves yet this is pretty meaningless to the value of the mine (how many underground mines have been running for 50+ years with less than 5 years reserves).

I don't see EGA having any problem getting finance based on this, but I suspect you are right that we are not going to see the SP take off like a rocket. EGA continues to be a hold until the first gold pour stock.