Just a brief example of costs catching up with expectations. ONX have just bought Pennys Find off ERL. That open pit after all the dust had settled made them 5%. Spend ~$30M, make ~$1M.
If ONX want to start Pennys Find UG soon they will need to spend est. ~$5M (a guess) to get the underground sorted so they will be looking for funds externally.
If you start adding these contingencies and a blowout on expectations on costs 5% lower grade here, 5% dilution there suddenly you realise why the 200,000oz resource is being accurately valued <$50M
Mineral Ventures Model, page-19
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