Ann: Open pit study lights up Lake Roe, page-13

On deeper analysis and discussion with the company...

On first pass I missed the fact that mined grade has improved despite a 20% mining dilution! This is a function of the software optimization.
EV (factoring cash in MCap) and GL1 value makes BRB absurdly cheap and now the market can assess how cheap based on this first pass on the pit (only). Yes it was confirmed a first pass on UG is pending this quarter.

I had worked out that the 267m deep pit model provides 16.7Mt or ore and at 1.8Mt PA that is already over 9Y LOM. Of course LOM is essential as that indicates the annual ROC is widely spread. This is usually added to as ore is mined which equates to money for jam as the mill is already there for time extensions made possible through the drill bit. This is where the geology become valuable as this is a virgin deposit with a highly prospective gold corridor to exploit.

This study guides drilling into areas of the UG that will optimize early UG ore supply which, if handled properly, will add many ounces (probably) at similar cost to the pit - yet to be modeled adequately. Peter will be valuable in these calculations I would imagine. By pure logic the UG study will either;
add LOM well past 10 years
or add to the scale of the mill which would decrease costs due to economies of scale

I saw a question about permits above... not a huge deal but has to be in place to go ahead with mining and earning money. I have seen projects held up because management failed to get the permits in place on time or the sovereign risk kicked them in the face (Thai for instance).
We must be due for some drill results soon. Labour market still really tight but they will get there ASAP.

Of course this year should add ounces and LOM with the JORC pending in Q4 CY2022. That will add further value to the project IMO.