Lion One Metals (LIO-V; $0.41) just filed its PEA on SEDAR. I dont have time to go through it fully before this issue is sent but Ill do that before the next one. One interesting thing in the news release that announced the filing was a sensitivity table that I have reproduced below. The base case is $1200 gold but as you can see from the table the project is quite robust even at lower gold prices. This is the advantage that grade bestows on a project. At $1000 gold Tuvatu still reports an after tax IRR 33% and a two year payback. The leverage to higher gold prices (if youre feeling optimistic) is also quite good. A $200 increase in the gold price from the base case lifts the IRR to 71% and drops the payback period to 1.25 years. The robust nature the deposit is one of the main reasons I consider Tuvatu a financeable project. Management has been talking to a lot of finance groups regarding development monies in the form of debt, equity, lease financing and all the combinations thereof. Once management has a good sense of what is on offer and the pros and cons of different packages I expect we will start to see financing news. This obviously isnt the best market or the best time of year to be doing this but management is determined to push Tuvatu forward as expeditiously as possible. Having followed this management group in the past, particularly the Chairman, I would not count them out even in a market like this. I think the odds of Tuvatu getting production financings are still good and consider it a buy at these levels.