Identified massive sulphides at depth.
Deeper drilling and long trenching finding good stuff.
Good location near the NE coast, lotta rainfall, not in amazonia.
The land was deorested 40 years ago and is used for cattle, seems like permitting should go easily.
One of the Blackrock companies owns 9%. Franklin Templeton owns 4%.
Looks like an easy open-pit design and a 1st MRE is expected this 2H2023.
Market cap is healthy, 1/3USD billion.
Worries:
- One guy owns 52 of the 108 million shares. He dies or starts to sell, uh-oh.
- Blackrock or Franklin Templeton start bailing.
- How much further will the stock drop?
- It IPO'd recently, and most IPOs peak a few months or a year so out.
- IPO was ($CDN) at 1.6. It climbed quasi-steadily to reach 5 in July, and has been dropping faster and faster to about 3 [ in early September, before the current US 'we can't pass a budget' and this week's gold price drop.].
- It's probably at least a year away from a PEA, and another year from a PFS - so valuation is a wild guess.
- Current downward momentum will build as shareholders sell to staunch their losses.
Looks like one to watch as it descends the Lassonde Curve.
Any thoughts?