<<Where does the overwhelming proof reside? Is it in assays from multiple labs? Certified platinum numbers? Or is it in results from the pilot plant?>>
Mark: The answer to that would differ among the different dirts. Because Naxos has by far the highest market cap of the dirts right now, I would demand the highest level of proof to invest in them. It would take pilot plant results that convinced me that the Johnson process works and would be economical at a commercial scale, and probably some further drill results as well to get a better idea of the size of the resource.
Currently, if I were going to put some money in any of the dirts, Maxam Gold is the one I would be leaning toward. They claim they will have a 1,000 ton per day plant in operation in April. They have announced fire assay (albeit non-COC) of between .05 and > 1 opt, and recovery of as much as 5opt. Their market cap is about 1/10th of Naxos. Therefore, (assuming Maxam's claims are true), one could realize a 10-bagger in Maxam from here and their market cap would be about the current market cap of Naxos. If Maxam had a market cap the size of Naxos', then I would demand a similar level of proof that I would currently demand to invest in Naxos.
Thus, the level of proof I would require would vary with the company, the size of its market cap, the richness of its ore, the size of its holdings, and my trust in its management. |
