Saturday, October 16, 2021 8:30:49 PM
Found the conversation relating to cost overruns very interesting. Definitely a risk. Hopefully the fact that FMG used a gold price of $1,600 creates a little cushion should there be any surprises. Every $100 in gold price improves profitability by $150 million. At $1,750 we are in good shape.
The other topic of interest was our conversation from last week - DRILLING. Dan mentioned several times that the royalty properties are going to drill over 100,000 meters in 2021. No mention of how many meters FMG will drill. Glad they hired a VP of exploration but appears to me they are behind the curve in this area. I realize that many of the royalty deals have an ownership incentive to drill, but with over $30 million in cash and $35 million in marketable securities, FMG in my opinion should be doing some level of drilling.
Last point, Dan mentioned that the permitting process will yield some new flow. Seems to me that news flow in combination with drill results and Keith expressing that the mine will be built would be an appealing storyline for new investors.
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