Good work there @m0ngy, bit more optimistic than I'd be but...

Good work there @m0ngy, bit more optimistic than I'd be but still not far off.

Based on today's ann I'd be working on about 92% rather than 98%, especially at a MRE grade of 12g/t which would probably bring down the ORE grade to 10-ish. Maybe AISC around $750-1000/oz too, I mean Penny you've got at 21g/t and $650/oz so 12g/t is going to be higher even for an open pit, a lot of the cost is going to be in transportation to the RMS mill and then processing/admin, etc...

Capex is also a bit underdone IMO, you still need Scoping Study, PFS, FS etc... which will use up at least $10M. Then you need to take away the old mill, permitting for new waste dumps and excavations. Sterilisation and infill drilling for upgrading of the resource to PFS level. Dewatering, disposal of the salt water somewhere a long way away. Pre-stripping probably wont cost much as it is only one wall at first and good grades are near surface, so no capex there. Maybe $50M if you can supply your own mill. $150-200M if you have to build your own.

Still comes to $235M at 70% attributable. Plus upside.

All IMO of course. Not advice.