AZ- Excellent summary and analysis. The only thing I might quibble with is whether SFMI will be bringing in enough cash to proceed as quickly as they can. Even at 125 tpd and 1 oz/t (both probably low), they will generate over $5M/month. Even subtracting lease payments, royalties, and money for mill operations and expansion, and exploration and mine rehabbing and reopening, they should still be in the black. Put it this way- One month's revenue for mill expansion, one month's revenue for reopening the mines ($6.5M), and one month's revenue for exploration. Throw in another month or two for lease and royalty payments for the year, and maybe the electric supply. That's less than half a year's revenue- and the proposed work (reopening the mines, mill expansion) will be spread over at least a year.

I agree mill expansion should be the top priority. Once they ramp up to 200, 250, or 500 tpd, redo the numbers and they are paying for everything in as little as a month. Then redo the numbers with 2 oz/t, or 4 oz/t.

That $5M per month gross may actually be here sooner than you think- maybe already- we're just waiting for the numbers.