Use it or loose it principals - WA Mining Act - Lady Ida, page-6

It is something I have said before as well here. https://hotcopper.com.au/threads/ann-obm-strategy-values-presentation-august-2022.6871186/page-7?post_id=62855819

This company was almost brought to its knees pre-stripping open pit mines in a rising cost environment. The brunt of those costs have been contributed by shareholders previously. In the week that followed Luke Creaghs appointment shares could be had in the 3s and 4s. It should be noted that the new CEO has vast experience in underground mining. Pogo which he was in charge of at NST was purely underground and Yandal which he also oversaw at NST was mostly underground. Those were the 2 best performing mines for NST last FY with AISC actually falling last FY for both in a rising cost environment. Can u imagine.. falling costs in FY2022!

Anyone who has followed OBM will know the vast amounts of earth moved for the open pits and how much this cost. Why anyone would want to repeat this on a deposit that is lower grade (1.7g/t) than Missouri and Sand King (2.2g/t) and 3x the distance from the plant is beyond me. There's 150koz sitting in Riverina underground at 6.6g/t with plenty of exploration upside and easy access via previous workings.

The following is from the latest presentation

•Drill programs targeting extensions to highermargin deposits includingunderground targets
•R/C and diamond drilling has commenced at Riverina in July; extending andinfill drilling our higher grade underground Resource
•Further drilling planned at highergrade targets including Callion undergroundas well as open pit extensions and underground targets at Siberia

Riverina UndergroundLeverage organic opportunitiesNear term opportunity for highergrade underground
•Current total resource of ~300koz at 2.6g/t;this includes~150koz at 6.6g/t from underground*
•Drill rig currently onsite for infill and extensional drilling ofthe higher grade underground resource
•Can bring online as underground rapidly; will increase gradeto mill and increase production profile and cashflow
•Mineralisation tracked for more than 3km of strikethis isuntested down plunge or at depth

Callion UndergroundLeverage organic opportunities
•Detailed structural mapping in recent weeks has fundamentally changed our geological model Boots onground” approach paying immediate dividends
•Drilling to commence in the December quarter targeting down plunge extension as well as along strike & stackedrepeats to the high grade Callion underground
•Current Resource of ~107koz at 4.9g/t, including underground Resource of ~80koz at 5.8g/t*
•Previous production of ~91koz at 10.2g/t; including ~74koz at 15.8g/t fromunderground**
•Ore body remains open with no drilling downplunge of historical intercept 13.9m @ 13.4g/ t***
•Exciting highgrade prospect  has the potential to be a game changer

High grade underground is what the new CEO has envisioned here. Go through the presentation and tell me otherwise.