Ann: Apollo Hill Gold Resource Upgraded to 1.47Moz, page-27

I think the key is really about economics not grade. Bulk and low grade can have very good economics. The Saturn presentation is quite good at emphasising this, I saw the one today is suggesting a strip ratio in the 2’s. Most WA gold projects lack the oxide material (mined out decades ago?) that is present in the North American projects, and I assume this is the reason why heap leaching is not prevalent.

The other thing bulk single pits have is predictability. Real mining companies hate variable ore bodies and constant development of small pits.

GMD has some decent scale but I still wonder if how it all converts to reserve, particularly the underground at Ulysses. Apollo Hill is right next door to the GMD open pits and there is all the other land package which looks relatively under explored.

I feel like Kin’s deposits are a bit sub-par and too far from Genesis. GMD presentation materials do talk a lot about the amount of plant capacity in the region but it’s difficult to see which plant they could acquire to unlock their deposits, other than the higher grades at Ulysses.