UnderwhelmingMy reaction to the PEA, to last year's updated resource estimate & drilling campaign. Dale needs to come to the table now. I expected much better than US$1.85B NPV and 19.5% IRR. Nothing today will change the market's perception of Casino as a high CAPEX optionality play. Sure, good stuff under the surface but increasing recovery rates 4 percentage points won't bring people in the door. Looking at the board's mood, I get the feeling you're underwhelmed also, especially given the buildup and projections made prior to today.
I said in the beginning, this whole Update The PEA/FS exercise is simply to stall for time hoping for the right offer. Dale: if RIO makes an offer for all, I'd think long & hard about when you'll get another chance to sell this.