General Discussion Topics, page-2648

More on Beacon:

On 16 July 2016 Beacon entered an agreement with Northern Star and sold them 12,199 tons of high grade 15.53g/t refractory grade ore with an 87.5% recovery (basically gold in ground). By my calculations that's 0.437 oz per ton and based on the AUD price of $1,700 at the time, worth about $742 per ton to Northern Star.

Northern Star paid $611.87 per ton, which is pretty good for refractory grade ore resulting in total revenue of $7.5m to Beacon. That's about $1,400 / oz for unprocessed gold versus market price of AU$1,700 / oz processed.

Beacon's market cap at that time was only about $2-$3m based on a share price of $0.001 - $0.002 allowing them to pay a dividend of $0.0025 per share (more than the share price) and still retain more than 50% of revenue.

In Great Boulders case, the high grade ore at Mulga Bill is free milling. Metallurgy in 2022 on a 39.47 g/t parcel recovered 99.7% gold. Andrew's comment at the time:

“This is a fantastic result. Achieving an overall gold recovery of 99.7% on a high-grade sample is
excellent, but only leaving 0.1g/t in the tail is sensational.”

So what would our ore be worth to say, Westgold considering our gold is free-milling and the market price is no longer $1,700 but closer to $3,000 oz.