Ann: GDM: GDM commences operations at the Challenger Gold Mine, page-64

That was my first reaction, but I think what he meant was that the projected AISC is dependant on achieving the targeted production - which from recent interviews with Ian Holland and Justin Haines is up to 25koz per annum. So it's pretty unlikely to be able to hit an AISC of $2000 from the start, without further plant optimisation and upgrades. However this is par for the course with emerging producers, it often takes a year or so from first gold to start making real money. Good chance that within a year, ADG's income from their half of challenger is significantly higher than the current market cap.