RE:RE:Gold just broke $1,400 USD
menoalittle wrote: surprising that hasn't bumped up higher given the news this morning...
seems they finally got there chit today and finished the PEA that was required. With that (and the price of gold), it shouldn't be any problem getting the additional funding needed for development from Wheaton. Maybe it was GCM's management assistance that finally lit a fire under their a$$.
Hate to break it to ya, but the agreement is for the FS to be delivered by EoY. SRK estimates that it will be 6-9 months still to complete the FS, so they will *not* be hitting that deadline. WPM will for sure extend again.
The bigger problem is that the land agreement with the local sponsor (Mr. Alphonso) is expiring shortly. They could loose the project entirely if they can't extend the project option/agreement or buy out the agreement ($20M).
So yeah, a $20M financing in the next 6 months is far higher likelyhood than the FS.
BR,
>DM
To quote form the May 2019 MD&A ~
"The Company’s Toroparu Project is primarily subject to the Upper Puruni Agreement which gives Mr. Alphonso the right to declare the agreement in default if the property is not in commercial production by January 1, 2020; however, the Company has an option to buy out Mr. Alphonso’s entire interest in the Upper Puruni Agreement and Mr. Alphonso’s underlying rights (except the right to continue alluvial mining) in the Toroparu Project, including the 6% inkind royalty, at any time for US$20 million. The Company intends to exercise the buyout option prior to January 2, 2020, but there are no assurances the Company will be able to successfully implement the buyout or renegotiate the commercial production requirement on terms acceptable to the Company and if it fails to do so, Mr. Alphonso will have the right to declare the Company in default of the Upper Puruni Agreement and potentially terminate the Agreement, causing the Company to lose its interest in the Toroparu Project. "