Ann: Drilling hits visible gold over 1km deep below Never Never, page-137

Hey Joel, these days... (as compared to when I was a spring chicken) I rarely post so bullishly, but... in this case, nope, I mean AIC.
Never Never is... the premier gold discovery to be mined in the near term (DEGs Hemi is still a way off actually getting into production).
Perhaps I will have egg on my face and when the mining study comes out and I will likely have been too bullish, but... if WGX can project an AIC of $1800 for Great Fingall, well, we both know Never Never is simply so much better.



RMS Penny asset ounces are currently (this is just my estimate), but should roughly mirror your 50% increase on AISC, being produced at an AIC of less than $1000 AUD (it's why they are printing cash right now). Whilst Never Never does not have as high a grades as penny, it does more than make up for it in width of mineralization.

Just for the sake of comparison... Penny North has 90% of the MRE (so I am basically ignore Penny West).
Basically, Penny is 1000 OPVM. The average width of the mineralization is 1-4m.
Penny - Reserve grade of 14g/t, but... it's 150km away, versus 600m for NN.
Compare that to Never Never - Average 2000 OPVM (even with the recent pinch), with 1,000m of strike to date (versus Penny which does not extend).

For clarity, the two top images below, Penny & Never Never are to scale, so yes, Penny can 'fit' into NN many times over)


RMS basically paid over $100m per 100k of reserves for Penny (this was when POG was almost 1/2 of today's Spot price ($1000 per ounce)
Sure, they could justify paying more because they did not have to build the infrastructure as a satellite deposit.
Ironically, NN is the same.. except it comes with a plant

As you mentioned earlier, SPR might be able to come out with a reserve of 800k+ (which would imply a minimum $800m price tag in old gold price days).

Then we have the likes of RRL and their Tropicana deal, which saw them pay $1 Billion for 800k in reserves (in production though). Or $1250 per ounce.
This was back in 2021 with a POG in AUD around $2400.

thanks @Peppie