Ann: Proceeding with the Development of Lorena Gold Project, page-6

I am not sure where you get the $900 operating costs from?
Particularly when the all in costs are $900 per oz, of which MAR will shoulder only a percentage (lets say 57%) as they don't shoulder the burden of the entire production line (hence the partnership) so....
$900 x 57% = $513 or a profit of roughly $337 per oz and that's only stage 1, the partnership only holds greater benefit for MAR from there.

I am happy to be corrected on the above, but I'm also of the opinion that when the maths dont add up (as Lou222 found) then chances are, there's a problem with your maths and not that of the several people that would have been involved in this deal and would have debated the sums for an extended period.... I'm not sure CLOWNS is the right term?