Implanting, agree with your concluding thought - the whole ball of wax is getting Springpole permitted. I thought Dan did a good job reiterating that FMG has the team and money to make it happen. From my point of view he was effective at communicating that comparable projects have been approved in the past. Appears we have many of the players (employees/consultants) who were involved in making it happen in the past.
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.
