Maritime Resources Announced Its FSWell, MAE's shareholders waited for it... and numbers are deceiving.
Maritime Resources Reports Positive Feasibility Study for Hammerdown Gold Project with 48.1% IRR If we compare with the PEA, the project is far less interresting:
- Life of mine decreased from 9 to 5 years
- Resource exploited decreased from 521K oz to 257k oz of gold
- Annual production decrweased from 58K oz to 50k oz
- Initial capex increased from $60M to $75M
- Gold price base case increased from US$1500 to US$1750
So, unfortunately, that explains the sell off lately. 400M shares outstanding. They need to build a financing package with this little and short live 50k oz/year project. No sorry but this FS will not convince the market. The company just put a "For Sale" sign IMO.