Ann: Boda-Kaiser Scoping Study, page-62

while I can't debate you on the processing/recovery side as I don't have enough knowledge, I have to say I am aware of few projects that are operated with lower grades and still make money and are in operation. IC showed some in one of his presos not long ago when he showed very good chart with average grade and size of the projects. There were few operational mines in the remote areas of Canada that are very much running at profit with lower average grade than NMPP.

However, when it comes to exploration potential and the higher grade zones ALK intercepted at depth, I can say with confidence you are likely to be very wrong.
I am familiar with every single hole being drilled at NMPP and most of the historical holes from previous operators. I also have very good understanding of how the local faults are displacing the mineralisation etc... I can say this with very high confidence that there is plenty left at depth.
Even though I don't agree with IC on the some of the exploration strategy, I fully agree with IC on the part where he explained the option ALK has to further test number of high grade zones at depth. These zones are all open at depth and most at strike.

I don't want to be disrespectful but when it comes to porphyries and this particular deposit, there is plenty left to be found.

The only challenge is how to approach it? Test the existing high grade zones which most at very deep (not for mining but expensive to drill) and will not add any value for the first 17 years of LOM or is it better to explore for new shallow deposits which are harder to find and will take longer time to get them.

Compared to other porphyry deposits NMPP has only found few clusters and normally these deposits come with lot more than two/three.

The only problem for ALK is they should have had progressed few of those projects lot further by now.

Best approach for ALK will be to test those zones that are not deeper than 500m and chase new discoveries with rest of the money. And yes, spend another $1m per year on exploration and direct those funds to NMPP exclusively.