I think BLK is more comparable to PRU which was a high cost producer before, has similar JORC gold resource 6.8Moz.
BLK has 6.5Moz.
PRU: $460m
BLK: $93m
Stage 1 free milling production for at least 5 years, could potentially generate 80kt x A$500/oz x 5 x 70% = A$140m after tax cash flow.
Stage 2, most costs for DFS have already spent, A$110m capex, AISC A$1,058/oz for 207koz p.a. for 9 years with expansion.
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Ann: Another Record Month of Gold Production for Blackham, page-182
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