The shareholders are considered respectable; Dundee now owns 24%, TFG 17%, insiders 12.2%. As a developer it has no revenue, losses and negative cash flow. It reported just $4M in cash and no debt as of September 30 but it did raise $22M in November. We think its assets (Crean Hill) has potential, certainly, but lots more work and capital will be needed here. We would consider management good. News has been good this year, driving the stock higher. This has included water permits, an offtake agreement, a good technical report and good assays. We would consider it a buy, within the higher risk small cap development sector.
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