RE:I see your $15.63 and raise to $35That's one of the reasons why I would rather wait and see how the financing / contracting / permitting phase of a project goes before jumping in.
Building a mining operation is both expensive and time-consuming. Lots can go wrong between the time a FS is released and the start of construction. Heck, things can also go wrong between the start of construction and first pour, but the risk is significantly reduced if the company has demonstrated it can get to a fully-financed and permitted project with all contracts signed re. mining equipment operators, building materials, supplies, etc. on budget as outlined in the FS. Sure it's possible to make more money if one buys shares at this point in the game, but in my view, investing is about probabilities and hitting the sweet spot on the risk / reward continuum, and for me, that's at some point within the six months prior to the start of construction if things are moving forward as expected.
Agree that, with the share count currently sitting at 276M outstanding (300M fully diluted), I suspect
TLG will be reluctant to fund a significant amount of the project via further equity raises (ARTG's numbers are currently 199M and 236M respectively). Also, during one of his interviews over the past few months, CEO Reid stated that streaming / royalty agreements are his least preferred choice of financing a project (don't know why - if the terms are fair, it's usually win-win....ARTG did it and they still retain 100% owership of Blackwater). Thus, Mr. Reid is really only left with debt financing, copper offtake agreement, and a joint venture. If I'm right about project capex being $800M+, I can't see how he gets there without a JV agreement.
Regardless, for me, it's a very fun sector in which to strategize as I watch how things play out.