Ann: More strong drill hits across key prospects, page-79

No I have not considered those items. Allowing for differences in grade is easy but the other you mentioned are very difficult. I would also add that depreciation is likely to be much lower for SPR as the current cost the plant is held at is quite low in their balance sheet (they wrote some of it off in a previous year). Also as today’s SMH article suggested costs for gold miners may be coming down so at least labour costs may end up being negative.

I did build in a fair bit of conservatism in my preferred figures of an ASIC of $1,500, a figure I prefer as the actual ASIC using WGX costs for the average grade in your example was $1,088 - this seemed too low in my view but it may be closer to possible figures.

Using GCY past actual costs for YE 9/22 and adjusting for grade, producers an even lower ASIC including adding on 20% for inflation and adding $300 more to ASIC for part OC and part UG.