You're right and this has been an issue for many companies of late (burned me with DCN for example). My understanding hearing Richard Hyde mention this before is that they are not particularly concerned about dilution.
Partly I think this is because the widths are quite good compared to a lot of new underground mines. The results below were from the grade control drilling at M1 South in the first stoping panels, which I assume is what will have been mined in the Dec Quarter.
I think DCN for example had a lot of <5m widths and much lower average grades than M1 South. BGL is another one which is going to mine even narrower widths (and why I have steered clear of it).
December Quarter Production?, page-5
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