RE: 18th June - TSX Last trading day.17 Jun 2025 18:27
Good afternoon Rodney.
Nothing you have said is disrespectful.
However when talking about NAV, there is a defined definition.
However we will agree to disagree.
I do understand why the share price is this low though.
It's historic.
When we did the first MRE the copper equivalent was 0.3%
I thought excellent, we have a tier one discovery.
Then on MRE2 they lowered the copper equivalent to 0.2% to increase the tonnage.
That's a 33% drop, and I felt they did it to make it more marketable, while defending against a takeover simultaneously.
Then came MRE3 and they lowered it to 0.16%.
They made the argument that using block caving on the high grade core was the way forward.
We all know what happened next.
The people in the data room lost interest.
They were looking at the return on capital and deciding this was not the same proposition that it first was.
We now are looking at Tandy to get high grade near the surface for open cut, but we have no idea what the cut off point is
However I still believe this is viable if we raise the capital and mine it.
I am not so sure someone is going to pay a fortune and then the cost of mining on top.
It's a huge resource, but it's not all in one place and remember that the cut off point of 0.16% copper equivalent is a lot different to the 0.3% we started at.