THE 4 MILLION OUNCE BET, page-6576

There has been speculation about how much reserves WWI will be able to convert. It is difficult to know for the shallows, but EMR's DFS may again be helpful to look at.

They had an indicated and inferred resource of circa 3.3moz at a grade of around 1.90g/t. The cut-off grade varied but it was around .50 in some instances - much lower than WWI's 2.0 cut-off grade so you can see they are different operations. Nonetheless they converted from 3.3moz a ore reserve of 900,000 oz at 1.98 g/t. Not a bad effort considering that they had very low cut-off grades. I would very much think that WWI could go very close to 40-50% conversion for some parts into reserves, given 2.2moz is in measured and indicated, and the high-cut off grade means that a lot of the gold should be mineable (especially taking into account the reduced area).

That is still a very healthy LOM with decent grades, and what will be a low ASIC.

By the end of next year, I would be very much assuming WWI will be doing annual revenue more than its current market cap.

@Gibbaz - look at the toll fees in EMR, hardly huge amount and then they are a one off and have AISC at $720...cannot see anything you see being an issue, given ASIC will be very low.