Cost per Ounce, page-2

According to BP the average AISC for ASX producers in 2023 FY was $1,862/oz within a range of A$1,320 to A$2,200. CMM and EMR were at the bottom end of this range while GOR about $1650 from memory. These may be comparable stocks re ASIC if SPR ends up with a low ASIC as suggested by SL.

BGL in May 2022 had a DFS range of $1,000 to $1,100. We will find out in 2024 if they achieve such a low ASIC but I expect it will be above the upper end maybe close to $1,200 given inflation pressure.

Given the high grade NN I expect SPR ASIC to be well below the average of $1,862 but I find it hard to believe it would be below $1,300. So my range is an ASIC between $1,300 and $1,700 but I could be wrong either way. This is just a guess with some logic and also the quote from SL that his new recruit can’t below how profitable the mine will be.

Will the new mine be comparable to BGL, CMM, EMR and GOR cost wise?

Interestingly, based on yesterday’s SP, BGL is valued at $626/Oz of resources and $1,448/Oz of reserves (I have not allowed for their cash position).