I think this is very fair criticism, but I’ll throw out a couple ideas somewhat in their support.
First, obviously there were startup issues and blame to go around for them. I don’t blame anyone for not predicting a pandemic so I won’t blame excelsior for the lack of restarting upon the renovations. I think a fair question to the company would be what we’re the acid tank levels at when the updates were complete? If they were low or empty it would make perfect sense not to start right back up, and during a ramp up without concerns for acid supply I wouldn’t have expected the company to keep the tanks full.
Second, how much are the other cos in AZ and NV paying for acid? That piece of information certainly has to be part of the cost benefit analysis too.
Again, you have good points. I recently opened a position here and am looking to add more. If nothing else I feel comfortable riding the coattails of Greenstone and Triple Flag. NPV may change if things don’t quite turn out as expected but they are unlikely to let it fail. Plus with the conservative copper estimates in the FS investors can afford some expense increases. We should really be looking at the +10% analysis for Cu prices at a minimum when looking at NPV.
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