Thanks both for the very informed and considered replies, much...

Thanks both for the very informed and considered replies, much appreciated. There are several "low grade" successful operating mills in West Africa, and Afema overall could potentially be "high grade" by comparison. Also, the notion of refractory vs oxide is poorly defined and understood in the market. Refractory for gold can mean several things - if the gold requires a flotation plant and potentially a fine grinding step that isnt the end of the world and several mines adopt this, including the very successful Okvau in Cambodia.

Regarding scale - if the total ounces can be grown to 5M+, and the IRR and OPEX are "typical", then it beocmes "tier 1" and a guaranteed takeover target for some of the big established players already in country, in my view. Based on the size of that shear zone that their licences overlay, and the immediate success at Woulu Woulu, then I contend that 5M oz has reasonable probability, with the current facts at hand.

Afema seems very nicely located in terms of infrastructure too and proximity to major hubs.... unlike many of the other West African projects.