Ann: Jaurdi Gold Project September Quarter Production Update, page-59

what i mean to say is, if you take away purchased ounces, we havent been able to replenish what we have processed through exploration.. its not to say they have found zero ounces.. its to say they havent been able to grow LoM organically... either high or low grade.
yes getting our grade over 2g/t would be fantastic, and thats how you would get from 30kozpa to 50.. i dont see that happening anytime soon as they will continue to maximise the resources to keep the mill busy and minimise LoM depletion.

its also fair to acknowlegde that the LoM was based on a throughput of 500 tonnes and now running at 800 which obviously reduced LoM.

the bottom line is we might be continuing to produce 28k oz+ pa.. but our margins have fallen and our LoM has not grown significantly and i think they are the two biggest weights on why the SP hasnt made new highs (aside from the macro XGD, AUD and PoG)

Personally i think they are a more plausible explanation for the sharprice / trend of the last 3 years than any price manipulation theories. 2 years ago the majoritiy of posters here were convinced we had 10 years LoM in the bag.. well he didnt, and we still dont, its just being honest with ourselves about where we are at.