Ann: Company Update, page-5

CMM one of the best junior growth stories from the last 10 years have a bulk, low strip ratio
OP mine with a headgrade of 0.8g/t. Their current market cap is 1.7b. DEG's resource also barely goes above 1g/t headgrade and they are well above 2b market cap, not to mention the numerous Tier-1 producers, who have very healthy margins from their OP operations. For instance, Evolution's Cowal mine has a headgrade of 0.94g/t and operating on $1042 aisc/oz, which is a margin of $1500+.

Grade on its own doesn't mean much without taking stripping ratio, size of the plant, recoveries and metallurgy and type of orebody into account. I think the GBM deposits are pretty decent already as they are huge continous orebodies, which most major producers would generally prefer.

The only thing I am not sure about is the metallurgy of those deposits and whether there is any refractory gold included in those resource estimates.