Ann: Trading Halt, page-22

a lot depends on the placing and dilution involved.

currently 1.6 Moz
This clearly isn’t factoring in any AISC associated with extracting the gold out of the ground and getting it processed but our

35% stands at 560,000 oz Gold
25% would be 400,000 oz Gold

let’s for the sake of it say further down the line, the Citadel JV resource estimate is increased to 3 Moz

35% would be 1,050,000 oz Gold
25% would be 750,000 oz Gold

Both still fantastic numbers for Antipa but a potential 300,000 oz difference. Whatever the resource upgrade, that 10% alone could be worth a substantial amount of money

For Rio to set a budget at $13m, see the results, get back to work and then increase the budget to $24.5 m, says everything I need to know about this project. An extra $10m to test for resource extensions. What a ride this will be