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The last honest economic study

Let's take a trip back to 2013.

After the Argonaut Gold ( PEA for its Magino project this morning in which the company told us with a straight face that it has a 19.5% IRR (and just love that 5% discount on the NPV, guys), a NR that could only solicit our pal the parrot...

...a couple of pals and your humble scribe were chewing the cud on the woeful state of economic studies in general when one of them asked (and I quote), "Has there ever been a negative feasibility study?" The memory cells went BEEEP! at IKN Nerve Centre and after a couple of minutes of Google search we were all laughing hard at potentially the last ever fully honest Feas Study from any publicly traded junior mining company. Step forward and a round of applause for International Tower Hill ( and its July 2013 FS on its Livengood project, a document so good it included this table in its NR:

Yes indeed, a negative IRR at U$1,400/oz gold, thanks you thanking you oh thank you ITH. But hey, you do get a +17.8% IRR, all you need is....a gold price $400/oz higher than it's ever traded. Details.

We should of course mention that just five months after this FS came out, the ITH CEO and three other members of the board of directors were fired. Today ITH is back in the fold and insists that Livengood is economic at current market prices. The old management were stupid enough to be honest, y'see.