YM, we can add all the ressource we want, but if they cannot extract and convert it into $$$ in a timely manner, it will not be worth a lot in today's dollars.

Seems like the tonnage was mostly on target, so they are focusing on lowering the cost.  A new starter pit hitting higher grades could increase production & lower the cost in the first years.  This is probably part of the optimization process.

Using the 2013 numbers as a baseline and building on it is not precise, but can certainly give us a minimum of what we should expect.  The new FS cannot be worse!

Using the 2013 numbers and converting only the cashflow using 0.77 as an exchange rate, the NPV (8%) of the project climbs to 2.9B.  After that, yes, it's all assumptions, but that's the minimum we should expect or else, they will have spent 7 years to wait for the exchange rate to get better...

With the long term prices provided by Sibiu, I think we could expect something at least close to 4B.

MoneyK