When you finance a house, or a project, two main factors are considered: income and asset value. The income must support the loan payments, and the asset value must protect the lender against default. Everyone understands how this works for a family residence. It works the same for a mine.

Tyhee's FS clearly shows the income from the mine will be sufficient. But the asset value - which no matter how you slice it has to be considered to be its $14 Million market cap - is woefully short of an all-in project cost of $200 million. The analogy is trying to borrow 14 times more for a mortgage than your house value.

Can Tyhee do the financing in steps and bootstrap itself up into future financing? For example, can they start with financing less than their $14 Million mkt cap (if they could get it) and hope that the mine progress and gold market will improve the company valuation going forward and enable another round of financing, and again and again?

This is a slippery slope. I don't see how it happens without partnering in some form. We need a McEwen or a Lassonde to realize the potential. A bank won't go beyond asset value.

Strike