ann: quarterly activities report out, page-23

We have already seen that recently with Buccaneer now being quoted at the higher cut-off with fewer ounces.
In the recent presentation, it’s now being reported simply as 1.57milloz at 1.1g/t (0.6g/t cut-off).
Add OP and we still have more than 2mill oz. That will increase in the next few days.

I think if a high grade component is reported it will probably still include the global resource above as well (e.g. Buccaneer resource; 300,000 at x g/t within 1.57 mill oz at 1.1 g/t).
I doubt the market is interested in Buccaneer.
If that was all we had, ABU would have been decimated along with many other juniors that lost 80-90% of their value.
I wouldn't be buying even at 2c without OP.
With OP, I can see a very easy case for 20c when comparing to NST and when looking at likely cash flows. All we need is to start production and show the market the cash flow. With the cash flow proven and twice the resource at twice the grade (of Paulsons) and open pit mining, why not a significantly higher PE than NST has?
Just need to start production, even just the trial mine will do, to see a much higher sp.
I know NST also has Ashburton now but they still reached a high mc before that acquisition, and I find it difficult to put a value on Ashburton knowing Sipa considered the main ore body refractory.
If people are still asking questions about OP, they would want to ask more questions about Ashburton. Chalk and cheese for metallurgy.
I think most of the mc of NST is for Paulsons, just as ours is now for OP.

To answer your question FMX,
As long as we can report a total resource (OP plus Buccaneer) at a higher cut-off containing in excess of a million ounces at say 7-8g/t, within a global resource in excess of 2 mill oz's, will the market care if we no longer report 2.6milloz for Buccaneer at low grade?

There are plenty of stocks out there with mill oz plus, but those oz’s don’t match OP, neither do many of their mc’s match ABU’s, so clearly the market is more interested in quality rather than purely quantity.