WAF valuation, page-11

The issue is you can’t compare cost breakdowns like this without understanding the technical factors behind those. Every gold mine is different and has its advantages and disadvantages.

Processing cost is heavily dependent on scale, power costs, ore hardness and recovery. I’m operating on my phone so a bit difficult for me to forensically investigate each of those mines to see where the differences are. RSG oxide for example has 80% recovery and a smaller plant. It’s also an operation broadly in transition with an older plant. I am not sure why you have picked the March quarter specifically.

The measurement methodology might be different between companies too.

IF I look at Perseus both operations had processing costs last quarter of ~$10/t milled. Sissingue is a new mine operating on oxide feed, built by Lycipodium with high recovery, you could’ve used those in your comparison. Or use a mine in BF such as Semafo’s Mana.

In essence you are applying estimating methodology that would be part of a scoping study and using it instead of a DFS level estimate that is based on specific technical data. It is also endorsed by a number of experts in the technical fields.