Email from a wise man I received the below from a long time investor in Junior Gold companies and was a professional for over 45 years.
Four drills now going to eight for the winter drill program sounds good, as does converting all the inferred ounces to M&I to bring them in to the PFS, which will incorporate fewer but larger open pits.
Note the use of the word “positioning” the Novador Project.
Positionng is something you do to bring in a partner or sell the project. They clearly state it is already one of the most desirable projects in Canada, AND that they are going to make it bigger, more economic and more valuable , over a wide range of gold prices.
They have never said they will build or finance this project themselves, just that they will seek to maximize the value for the benefit of the shareholders. The PFS will clarify that value for Novador, while results at Detour West could enhance the strategic competition for a deal with Probe.
Investors trying to value Probe need to “skate to where the puck will be, not where it is”. I expect this “game” to play out in the next 12-18 months.
It represents a longer time frame than I was hoping, but after being in from day one I certainly am not getting out now. Fundamentals generally win out in time.
Best, JM.