A PortfolioDirect rating update for Excelsior Gold (EXG:AU) was completed recently. There was a time when the quality of a mining project was judged by how much capital its development required. Not now. Excelsior Gold has escaped the capital market burden confronting many other gold producers by striking a deal with the owners of the nearby Paddington mill to process its mine output on a ‘pay as you go’ basis. Cutting back on capital spending commitments slows development and reduces near term profitability but also raises the likelihood of development actually occurring. Companies display a longer duration growth trajectory as they deploy operational cash flows to support production expansions. The resulting positive value momentum should support future market value appreciation. Recent PortfolioDirect rating reports can be accessed through the latest weekly investment report: (VIEW LINK).