Going through the presentation.  First thing that jumps out at me is your cash balance at the end of June.  $32.7 million.  Nice for a company with a current market cap of only $105 million.  Now I'm wondering what the burn rate is and how much of it you have left 3 months later.


The PEA numbers look good.  Nice IRR and NPV.  Not so sure about the gold ounce totals.  2.7M oz and only 570k oz in the M&I category?  Well, shouldn't be a problem with the high grades in the deposit.


This is roughly the size of company that I like to dabble in.  In fact, the market cap is exactly the same $105 million as another that I'm holding right now.  Prophecy Platinum.  NKL.v.  They have a 12M oz PGM+Au deposit in the Yukon that also has 5 billion pounds of Ni+Cu+Co.  They also put out their PEA this summer and it was largely ignored like yours.  Theirs had a $2.4 billion NPV with a 32% IRR at the same 8% discount as yours.  Their other properties, like yours, are virtually ignored by the market.   Their CapEx was over $800 million.


So, roughly, NKL has 6 times the NPV, but a cap ex more than 4 times larger.  Your IRR is better as well.  Your mine life is 15 years, NKL's is 37 years.  You have maybe 30% of your market cap in cash.  NKL just did two small cash raises, but they will probably have to do another in the spring.


Both have had great runs from their July lows.  Both were much higher earlier in the year.   DNA was over $2.10 and NKL was over $4.20 in Jan/Feb.  Both are either about to take off from current levels, or perhaps be knocked down quite a bit for tax loss selling, and then take off in January.


Thanks Lex, I'm definitely going to be taking a closer look at DNA and probably jumping in when the timing is right.


Both putting out updated resource updates in 2013.  Hmmm, DNA, is it not permitted yet?  Is that going to be a problem?  NKL's Wellgreen project was a mine once before so I don't expect any problems there.  


Have your new drill results been better than in the 43-101?  NKL just pulled it's best PGM core ever this month.  NKL will be an open pit mine as well this time.  It was underground in the past.


Do you have a lot more potential with the resource?  I.e. has your drilling been focused on part of a much larger trend on your land?  NKL is on a 17+km trend, but most of the drilling has only been done in the center of it.  They did get a step out core back this month from the western edge of the deposit that showed consistent results.  Way too far away to use in inferred modeling, but quite exciting - and also completely ignored as everyone was focused on the highest grade PGM results instead.


Yes, this is looking pretty darn good in comparison.  DNA has definitely caught my eye.