market cap, page-8

genthree,

Although its not discussed too much on this thread, AND could have concentrated on the defined resources from MIM and entered small scale gold production much faster and used their cash flow to expand resources and production. Its clear from the exploration success the alternative larger development option was taken - or aka elephant hunting. Yes this does mean a longer time to production and larger capex but the trade off is growing the company by increasing the resource base and starting with a larger lower cost operation (not to mention larger company to fund capex).

The C$90M is for exploration and development, its likely some of this cash will be used to secure long lead items and/or second hand equipment once the BFS is done. Starting on the UG decline is another option.

You may recall Bolnisi Gold, another asx/tsx listed high grade gold silver stock was taken out for $1B at a similar stage of exploration development to AND.