Ann: Agate Creek Gold Production Update, page-82

IMO, UG would be best for 120 m to 150 m due to the deposit being narrow vein. Perhaps others could comment?

The average UG grades in Aus are 6 g/t & open pit averages are about 2 g/t:

https://finfeed.com/investor-101/emerging-australias-gold-mines-by-production-grades-and-costs-part-2/

The more profitable mines are well above that.

Again. IMO, LNY would have to be quite confident of at least 100K ozs UG @ 6 g/t + ( about half a million ton) before committing to mine.
( 100K ozs @ $800/oz profit would yield $80 mil.)

In the interim, the main game is processing what we've got on the surface and building cash.

IMO, once LNY has enough lollies in the till it should lay off mining to:
(a) cut a better mining/processing deal with Maroon
(b) starve maroon of revenue and position LNY for a cheap buyout of the Maroon mill.

This, IMO, is why LNY is being conservative in its forward guidance