Firstly, my kudos to what I think is an inciteful post briefly outlining the coming of age of near-term producers. Let me try and add something.

The market for developers/small junior producers swings widely from exuberance to despair, and back again, greatly exaggerating the moves for the mid to large producers. About 5 years ago Tyhee had, to my recollection, a bit less than 250MM shares outstanding at its share price peak of ~80 cents. So it had a $200MM market cap, or thereabouts (again, if my memory serves correctly). I believe at that time its resource oz was estimated a bit below the eventual prefeas number of 2.1MM oz, I think about 1.8MM or so. So for all intents and purposes, we're talking virtually the same # as today (except of course today has 1.33MM more reserve oz included in the resource estimate). And POG was much lower back then.

So we're talking $200MM at the exuberant high vs $35MM now, despite the FS progress etc. That's an additional factor of 6x that might reoccur if we should ever revisit those exuberant go-go conditions. Can't happen with current credit lockdown? Before you say that, think what's on the other side of this crisis, or its eventual resolution. That's the reason we invest in the PM space. And we hope (believe?) gold will be priced much higher to facilitate it.

IMO its all in investing in the right companies, not whether it will happen at all. Tyhee has to stick around as an independent entity to reap the rewards. I hope current management has the resources and fortitude to stick it out to completion.

Strike