Really good point @nordesmic. Been looking through lot's of reports over last couple of weeks and dropping grades is definitely a reoccurring theme. Even with prices as high as they are now, there really hasn't been a huge increase in the amount of exploration expenditure in Australia over the last couple of years. A resumption of the gold miner bull market with a reinvigorated GP might push the sector to rapidly widen their search to increase their grades and strengthen their LOM's through M&A and increasing exploration budgets.
Ann: Half Year Financial Report, page-20
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