RE:CAPEX Didn't say the project won't get built (I think it will) or that it is doomed to be a poor investment when all is said and done (though it could be).
My position is I want to see what the FS looks like in terms of initial capex, proven and probable reserves, strip ratio, IRR, NPV, etc. along with the terms of any JV agreement, and progress in other areas before I can decide whether this would be a good investment with a high upside. Current shareholders appear to think the share price has nowhere to go but up from here, but typically, the share price is range-bound until the start of construction and will have its ups and downs. Don't forget, the MRE was released in October, so those indicated ounces have already been baked into the cake.
I plan to make my investment decision during the home stretch of the financing / contracting / permitting process depending on how the numbers shake out and how well the company works its way through the process. In other words, I'm in Pierre Lassonde's camp, one of the founders of Franco Nevada which, IMO, has been and still is the most successful precious metals streaming/royalty company in the world.
We'll see how well JR navigates the company towards the start of construction, whether he'll be on budget re. the contractor and supplier agreements or will additional financing be required (at what will almost certainly be at higher interest rates), how well the (more complex) Fed permitting process progresses, etc.