After the option agreement news, Euroz have a new report out which models use of the Reynard plant and they estimate AISC around 980 aud /t = 645 usd /t
So the "lower for longer" scenario is not really a problem.
The shallow / surface high-grade zone will presumably be phase 1, which I think will look something like this:
2.2mtpa @ 1.4% grade and 75% recovery and 85% utilisation = 327ktpa SC6 equivalent
328kt SC6 equiv @ 645 usd /t AISC and 1150 usd /t sale price = 250m aud EBITDA /yr
328kt SC6 equiv @ 645 usd /t AISC and 1250 usd /t sale price = 300m aud EBITDA /yr
328kt SC6 equiv @ 645 usd /t AISC and 1350 usd /t sale price = 350m aud EBITDA /yr
328kt SC6 equiv @ 645 usd /t AISC and 1450 usd /t sale price = 400m aud EBITDA /yr
328kt SC6 equiv @ 645 usd /t AISC and 1550 usd /t sale price = 450m aud EBITDA /yr
328kt SC6 equiv @ 645 usd /t AISC and 1650 usd /t sale price = 500m aud EBITDA /yr
Let's hope we can use those 500m CAD tax credits
Ann: Exclusive option to Acquire Renard Project, page-242
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