RE:RE:RE:RE:RE:RE:Fork In the RoadI think that this aligns with her goal. Cynthia never promised a buyout this year.
She has a produced a technical report that meets the 43-101 definition of a Property of Merit for her only project. (100 pages).
I think was significantly impacted by inflation and time delays over the pandemic.
I honestly have no idea what the Ishkoday is worth now.
I have an idea of what's it worth with a completed 43-101 Technical Report.
My reference is a comparison with the Greenstone Mine, 56 km from the Ishkoday, formerly known as the Hadrock.
Orion Mine Finance and Equinox had a 50/50 split on the Hadrock. They filed a Technical Report for the Hadrock in 2021. The report included a MRE of 5.4 P&P ounces, and and EFS. (800 pages),
After filing the report Equinox bought back 10% for $70M USD valuing the Hadrock at $700M USD.
I think this is where Laurion is. They need an influx of capital to fill in the missing sections on the 43-101 Technical Report. They need to drill to get the data to feed the reports.
Well why didn't Cynthia know this?
I think she did.
Remember the non attention everyone gave to the ESG report? Barrick can do whatever it wants. Venture Capital has ESG rules.
I would estimate they need 25M for drilling alone. The Board can sell up 25% without a shareholder vote.@Doug would appreciate the confirmation
So could they sell it now, but there is a celing set by the Hadrock and as you say Cynthia's goal has been to take it to acquisition.
This is the next step. It will cost equity and equity is complicated when the largest shareholder is also the CEO of the board.
Assuming this year can be spent on the current drilling program and planning, permitting and resourcing a larger drilling campaign for next two years; you could target the release of an initial MRE in 2026 and a revised one with a Technical Report in 2027.
When Equinox bought back the 10%, they were preparing a 1.4 billion dollar investment building a mine on the Hadrock. Would you do that on the Ishkoday? Today? No. Cynthia would tell you that.
So fill in the 700 pages. But it has to be verified by a N43-101 Designated Authority. (You have to do the work)
I don't think this conflicts with what Cynthia has said at all.