RE:RE:RE:RE:RE:RE:Does stephen rememberIn the last month another poster on the board posted an analyst's 2017 write-up on how mirado would make ORX's fair valuation $0.70/share. With the dilution since then and spot gold I gold I got around $0.74-0.94 as the fair valuation. That was nearly $100M after tax NPV5 on the project.
As I've said before, the one item stopping orefinders from developing this is permits. These take a long time to get. Orefinders has a very small team so it is possible they've been working on them for quite some time.
But let's say they got their permits. Stephen recently said their drilling costs were about $62/m + the usual overhead costs. Mirado was only proposed to be an incremental 100m depth. Drilling this deposit to FS level confidence will be cheap. But let's say it costs $1M.
The total CAPEX is $3M. Why would they need to sell this or JV it? They can easily raise this capital once they announce permits and plans to mine Mirado. With an NPV of $100M they can contract someone with decades of operations experience to run the project.
Without permits they can't monetize Mirado. With permits there's no reason to sell since it is so incredibly profitable.