Ann: Quarterly Financial Report and MD&A, page-12

Some things continue to work in our favour:

"New major gold discoveries have been on a decline this past decade, according to a report by S&P Global Market Intelligence. During the past three years there were no major new gold discoveries, the report said. And during the past decade, there were only 25 new major discoveries."

According to the S&P Global data, there were 278 major new gold deposits found between 1990-2019, totaling 2.19 billion ounces of gold reserves. Of the 25 major deposits discovered in the last decade it represent 154.3 million ounces or only 7% of all gold discovered since 1990.

“The lack of new discoveries is the result of exploration focusing on older discoveries and later-stage assets,” wrote S&P Global principal research analyst Kevin Murphy. “While there are still plenty of gold assets to be developed, the lack of new major deposits being discovered means that the project pipeline is increasingly short of large, high-quality assets needed to replace ageing major gold mines.”