Ann: Cortadera Acquisition Nears Completion, page-132

Everyone is definitely entitled to their own assessment of what economic or uneconomic grade might mean for any given porphyry deposit. So many other assumptions than grade go into determining this anyways.

As things stand, the Cortadera copper grade is 0.37%.



Productora is 0.44% Cu.

If anyone wants to call 0.37% something less onerous sounding than low grade, no problem. And we all know that these are average grades that can be moved up and down by playing around with the COG.

The grade itself is not a project killer here; it's its combination with depth that hurts Cortadera. Unless I'm missing something?

If Productora, which is openpittable, is struggling to be economic at 0.44% what makes Cortadera economic at 0.37% with a resource that looks to host most of its above-average grades down below 400 (?) metres?

The reason this likely won’t fly (at least not at a reasonable set of metal price assumptions) is the same reason why predominantly open-pittable projects like Calatos (0.76% Cu), Altar (0.31%), Vizcachitas (0.37%) and Azules (0.37%) haven’t yet been built, in spite of being around for 20+ years: grade and geometry.