RE:Heres what we spent our money on. Not bad.
Meh this stock has turned into a sell into strength Personally I am not too impressed as I feel like they are paying a cover charge to get into a casino. Exploration risk still remains as reserve is too small for a commercial operation and if they get to a million oz likely will end up a so so project at that headgrade yielding between 35-40% IRR assuming a CIL operation. In my experience a type of mine that never rewards the investor but keeps the management empire in control.
I prefer the Pedra Branca project as a potential acquisition which has around a 3 million oz eq of PGM Market cap of the stock (Jangada) 7 million USD project capex 43 million 67% IRR discounted NPV around 200 million before the resource upgrade Mine life with upgrade 30 yrs So it is likely to be built larger than modeled in the feasibility study.