Ann: Maiden Reserve at Bulletin to drive step-change, page-160

"Infrastructure to deal with this costs 100s of millions and only then, can you make money. All else costs a fortune and will fail as it always has"

That is another absolute statement from you , I actually like a devils advocate on the forum as I may learn something but you need to back up your statements with facts to be credible
Some refractory ore can be processed with the Glencore type ISA fine grind mills , at relatively low CAPEX , admittedly the OPEX is higher with the higher BWI , from fine grinding to liberate the gold.
There are possibly other new methods apart from smelting ,POX to recover gold in refractory ore
I would say better to do met tests on the supposed refractory ore with various methods of processing , before assuming it is not worth recovering .
This is just an academic issue for me as only have 12000 shares , but for others who have significant hard earned invested here , I feel it is cavalier for posters to post absolute assumptions without facts on either in the affirmative or the negative