I agree more discussion is always good! I love to chat with...

I agree more discussion is always good! I love to chat with people as I believe it's always possible to learn more and good discussion fosters that. Far more productive than some of the other posts going on here....

Real world conditions are indeed often quite different to a traditional Lassonde curve. If we take a look at sandfire's chart you will see a pretty good lassonde curve playing out though. I find it a good baseline however there are a variety of factors which can lengthen or accelerate a lassonde curve (or distort it entirely like in the example you gave).

Shortening:

- Faster permitting
- More desirable deposit (due to size, grade or metallurgy) forcing action quicker
- Explosion in macro conditions forcing action quicker
- Low capex and easy metallurgy making it simpler to bring online

Lengthening:

- Inflationary conditions increasing price of materials or workers
- Environmental concerns
- Jurisdictional risk
- Collapse in the metal forecasts

Not a comprehensive list but just a few examples of how a stock can perform better or worse as a result of these things. A dramatically shortened curve would mean less dilution and more return for shareholders generally (but not always!).

Now back to AW1, what I find especially...special about AW1 is that we have 2 Lassonde curves operating. One of which we are about to enter studies for later this year and then hopefully progress towards more detailed studies, permitting, FID and then mining. It has already been shortened as we've already found a deposit which (at this stage with napkin math) is very economical and high grade, even considering the logistical issues likely increasing AISC slightly.

So while the surface deposit will be very profitable, it's still going to be expanded and seems to have much more room to grow since it's open in all directions. That's less greenfields at this point and will happen alongside the plans for the DSO since an increase in resource would help the SP appreciate and therefore limit dilution. If we raise 10m to add 50m to the MC, it's good.

While this goes on I'm sure the team is compiling even more geological data to figure out where the feeder zone is. Perhaps they find it this year, perhaps a few years down the line. When they do find it, or increase the surface copper even more we could start to see the size potential come into play. I believe friedland made a comment recently about how 5mt of contained copper would qualify as tier 1. It's going to take some time to prove it up, but if the copper just keeps continuing and not stopping then we'll eventually get there.

The whole concept of a "big motherlode" regardless of if it comes from the deeps or the surface copper expanding is a separate Lassonde curve where we're firmly in exploration. Nowhere near studies for it, or designing concentrators ect...

And that makes it very exciting because we're playing both the production and exploration sides simultaneously. As we know, both have the potential to cause explosive re-rates.