RE:RE:there is a hit piece on treaty creek by crux investorsJust a few comments on this pretty bizarre take on the project.
1. There is no person willing to attach their name to this report. No author, no accountibility, no credibility.
2. The tone is extremely negative throughout. There does not appear to be any attempt to provide a fair and unbiased analysis. Only a fishing expedition to attempt to find any point that could be an issue. The intent of the article appears clear from the beginning. I believe even the NSR numbers they presented are incorrect; and those are simply basic facts.
3. I'm not sure if the author knows anything about the process of mine development. As properties are explored and developed, there are always what appear to issues or obstacles. This is exactly the process. Good explorers continue to refine and adjust the exploration and mining plan to optimize what is possible. This is how a mine is developed.
For example, if memory serves, Seabridge produced a PEA on KSM (2012 or 2014?) with a $5 billion capital investment to yield a $1 billion NPV. Doesn't make much sense, does it? However, the 2022 PFS is now demonstrating an after tax NPV of $7.9 billion on $6.4 initial capital cost. Not great, but considerably better. It does demonstrate how the process works.
4. Following on 3. above. Why the author concludes that this has almost no prospect of advancing to production is ludicrous! Way to early to "conclude" this even prior to a maiden PEA. In my opinion, there is almost zero chance this will not go into production. The question is more about in what form, at what profitability, what time frame, and for which shareholders?
I could go on to address the technical aspects that the author raises, but it is all pointless because Tudor has not yet presented a PEA where they will adress these issues. It is also for good reason that no PEA has been produced yet. They are still defining what they have, what each domain is, and where the guts of the deposit is.
For folks screaming for a PEA, this is pointiless. If they come out with one now, it would be a complete waste of money. Tudor has said they don't believe they have found the heart of the system yet. Everything will change until they do so, and start to define the edges of the deposit.
I have to admit, I do like the youtube interviews from Crux, particularly Matthew who asks good tough questions. Until this report, I was not aware of the reports they put out. After seeing this Treaty Creek report, I took a glance at some of the other reports they produce. They seem to mostly be hit jobs to me. Pretty dissapointing. It would be okay if they were accurate, but that does not appear to be the case.
Due your own due diligence folks!