Ann: Dividend/Distribution - GRR, page-80

there is some merist in what you say and the $80m odd caught my eye. it seems to me that the 80m includes around $30m stdsf project which I understand is or is nigh complete. I would not describe this as 'sustaining capital' because I think the $2.5/mnth spend is now over.

The balance sheet shows an investment of about $56m in deferred stripping... for now I'd be happy to call that sustaining capital but my sense is that it too is at or near exhausted ... My assumption is that they only need to strip so far ahead.

the mill replacement I understand is scheduled this year although it's not getting much airplay. I am assuming that will consume around $25m ...

all in all, my hunch is sustaining and non sustaining capex ahead will be lower by about 50% ... all going well

like you, I too am sceptical of c1 cost estimates but I note in the report they have more clearly defined it ... I think the value in this instance of around $77 might be a useful benchmark moving forward.

have a great day