Upon further reading, a few more comments.
Even using $1500 Au, the IRR only rises to about 12% on slide 11. Hard to get $1.6 Billion in financing with an IRR of only 12%. Now it makes sense why I was hearing that some shareholders wanted to sell the company instead of finance the mine.
Slide 12. Ah, I see you have a more accurate number for Osisko's cap ex of $980 million. Higher than my $800 million comment yesterday. So they had cost over runs of over 20% from their original Cap Ex estimate. That could be crippling if it happend to a $1.6 Billion CapEx. Just ask the fine folks at Baja Mining what that is like.
Slide 15. Hmmm, your fact sheet mentions .55 and .50 Au g/t for M&I and Inferred, yet here, your corporate presentation slide shows an average grade of approximately 0.84 g/t Au. Which is it? .55 or .84? $14 per ounce of gold? If I recall correctly, NKL's equivalent gold ounces had a value of about $4/oz. Assuming I'm remembering NKL's number correctly, and both companies having $30billion to $50 billion in metal resources, it would seem that your $14/oz Au number is high. - based on their current market caps.
Slide 16. I do like that '20th largest undeveloped gold deposit in the world statement'.
Slide 18. I see you have a handfull of analysts covering your company. What sort of target prices do they have on the stock? The two NKL analysts I referred to in my last post, Mackie and Northern Securities, have $7.50 and $6.50 targets for NKL - which closed today at $2.21. And NKL was up 7.8%, which pales compared to ITH's 11.9% gain on the day. I guess NKL just became 3% more of a bargain compared to ITH today.
Anyway, good luck ITH longs. I wish you well on your CEO search.