Ann: Beacon Executes Wealth of Nations Option Agreement, page-10

i agree the scores are not on the board.. since going live at Jaurdi we have had zero luck with exploration.. and thats the nature of the game.. the company has made efforts at exploration .. persoanlly i think they bought McP primarily to stop the feed to Jaurdi going dry.. as care and maintennace would be far worse a pill to swallow than marginal production.. to that extent.. it was the correct descision.. the fact that it produced no upside is again the luck or lack thereof of speculation/exploration.. but its kept the mill going.. and just for that it has paid for itself.. becuase the oposite would have been a lot more expensive both tothe balance sheet and the share price
To their credit, they have weathered one of the roughest periods in risk off sector sentiment that anyone could imagine and while we are still on the cheap side of that swing in share price.. our downside risk is substantially diminishing.. despite massivily higher margibs on lowering grade, we have made it through a really rough patch for the sector,, with only 1.. not none.. but one.. cap raising..
now we are positioned with life of mine,,
now we are positioned with TE exploration potential
now we are psoitioned for upside rerate if we make any discorveries of higer grade on any of our tenemnets

we have been operating so marginally that any decent garde at all ahd massive implications to margins. the diiference in margin between 1.15g/t and 1.75g/t is propbably fourfold. or something of that magnitute without using a calculator.. we have proven the ounces to guarantee solvency for many years.. 10+... now we have the foundation to build that .. discovery of higher grade to belnd.. maybe mergers witrh other companies with small vlume high grade,, multiple ways to skin a cat.. my point is the cake is baked.. all we gotta do is dress the cake we already have the base ingredients