Rothsay History, page-38

This is where i think EGA is at, mostly technical (i.e no bankable/definitive Feasibility study yet) and funding risk, i.e they need about $28mill to get to production.

There is also a little bit of exploration risk, as investors are assuming they will find another deposit on a parallel shear and be able to increase the reserves at the existing mine. The first holes have been very promising but will need more to extend mine life/increase production rates.