Eloro’s (ELO.T) CEO, Tom Larsen, is “Blown away.”
Eloro’s share price has been in free fall since the company put out its maiden 43-101 compliant Mineral Resource Estimate at the end of August. It was a whopper of a silver/polymetallic resource: “670 million tonnes containing 1.15 Billion In-situ Ounces Silver Equivalent”.
“It’s totally unique,” said Larsen in a phone interview. “The Exchange and Micon wanted us to use NSR rather than Silver Equivalent ounces. In a PEA you can do both. But on a NSR basis, in the upper pit we would be getting $35 per ton back from the smelter on an operating cost of around $9.40, the arithmetic is clear.