I read through the report commissioned by Pitcher partners, the...

I read through the report commissioned by Pitcher partners, the last 12 months of Navigator announcements, and while I don't think this will ever be a 8+ mine life, I think a lot of the capital required to get this operation into a position to generate positive cash flow has been taken care of by the previous owners.

I also like caliber of Michael Ruane, he's got a habit of a creating Babushka dolls.

See IRC - it's holding in RWD makes up most of the value of it's MC.

Value within value, I don't believe this will be the singular focus of MKO moving forward, and some short term gold sales may be extracted from residual tailings.