Ann: Chariot high grade gold resource increased by 40% - Amended, page-10

Smart management?
If this addition to the Au resource at Chariot had come earlier they would never agreed to a lousy 6% royalty.
Chariot is now approaching the gold ozs needed as a stand alone and also becoming attractive as a TO or buy out.
Chariot resource remains open and poorly explored at depth and significant scope exists to increase the resource with further drilling
Reasonable to think this will be at least 200,000 oz high grade Au deposit, perhaps a lot more.
Ramelius paid $270m for 300,000 high grade ozs at Penny WA.
AISC margin on Chariot will be around $1500, total revenue on 200K Au Oz = $300m ($18m for ERM lol).
But easy to be wise in hindsight. Emmerson tried for a year before they accepted this low ball offer. They were under a lot of community and NT Govt pressure at Tennant Ck groups to commercialise asap.

The copper gold has immense promise so there is still much to like.