RE:RE:RE:The Flat-Earthers vs Columbus 1492I actually think the article was published in earnest. I quite enjoyed it, to be honest.
My assessment is that he is a young kid adhering to a purist framework and heavily discounting the info the historical estimate + what we can gather from mixing with the 3dip results thus far.
Here are some casual counter arguments:
1) Historical estimates:
It is quite odd, in that he is basically pricing the stock based on the historical estimate, and then saying there is high risk that it will reconfirmed. I'm certain it will be reconfirmed & expanded.
Watch how his entire thesis hinges on the de-meriting the 2011 study with the word "historical" here, so he can call Oroco an early exploration company:
In summary, Oroco is trading as if it's in the Feasibility stage (US$0.09 per pound valuation as defined by RFC Ambrian), despite being in the early exploration stage with a historical resource.
We know (i) what was preiviously identified as waste will now be confirmed as having economical copper in the south zone, (ii) that the holes ended in mineralization, (iii) the property is now larger with the B-zone, etc. This is all very low risk.
2) Leahy sales are to manage (i) warrant excercising, (ii) the fact that management is really underpaid as they are owner-operators
3) This statement should be laughed at: "This suggests that while there is certainly large demand for the stock, there wasn't enough demand to get a decent price for the deal"