First 4 years looks good with rising costs into the second 4...

First 4 years looks good with rising costs into the second 4 years.
$39m means some debt (to be announced) and $9m for working capital.
Just for the exercise, I guess one can assume $30m debt and $9m placement.
The next consideration is - what price is the placement going to be?
The company will need to keep drilling and outline more feed stock moving forward.
I am sure they will find another deposit or two. No one knows what they gold price will do moving forward and they will need this price as a min to make the second 4 years work out imo. 4 years out, the costs to mine will only increase, so they will need some more higher grade material to add to the mix.
The BSF looks ok and it now comes down to raising all the money and refurbing the plant over the next 4-6 months. dyor