lock and load folks., page-17

Brett,

I don't mean the depth that they are currently mining at, but rather the depth at which they've already done exploratory drilling at.

Cash costs are a fine basis to determine economics where you've already done the development, however when extending beyond that you've got to include the underground development capex. My impression was that incremental capex costs were likely to be at least $2/lb for the currently undeveloped resource - happy to stand corrected though. Then of course at greater depth the opex (for constant grade etc) increases significantly.

Also of course the reported cash costs are mostly mine costs, there are additional costs for finance and offtake charges/deductions.

Happy to be shown wrong, as I have no relevant expertise, experience or substantial knowledge.

Why do you expect the economic depth to be? 1500 metres? 1800 metres?

EL