Permitting comes into play
Once upgrades come into play
Once bulk sampling + Metallurgy ( recoveries ) come into play
I would hope a dismantled project turned to spruced up...
Is assigned an all " NEW " appraised value
Along with the gold ounces ( insitu ) by reason = spruced up mine + Equiptment
Can now unlock it's Gold value.
That's how I look at it.
Running off of, original purchase price and combining the gold insitu ( baked in )
Is well...
Any mine project that is out of commission, turned to commission.
Should have a multiple value increase.
Same goes for a hoe that is inhabitable.
Transformed ( Reno ) to habitable.
Improvements = Increase Value = Spruced Up Assest = VALUE INCREASES.
If one applied former accounting of what one bought any asset for and kept
that same value...even after working it up....( monies used to spruce it up )
Then, where is the gain in functionality value ?
Hence...if one borrows to make something better and functional...
That same borrowed money must reflect in the latter of project now functional.
Effort + Skill + Monies + Functional Mine + Permit + Test Bulk Ore = Value must Increase.
That's why I look at the liabilities and project value as a double up.
One must must see these two...and know that the monies used to spruce up
And if successfully accomplishes the spruce up = the monies borrowed along with assets Spruced up = must be treated as more valuable... if the accounting treats the spruce up as former first purchase price = then...someone's looking for a deal via using former values...( wink )
Just my own opinion.