Ann: Maiden Blue Spec Reserve underpins expansion for Warrawoona, page-11

Hmmm...
It's ok.
In the end the overall projects economics are enhanced, though I think in many ways its more about upside outside of the known parameters.
i.e. Future conversion of Blue Specs MRE into more reserves, as really, the conversion rate is 30%. Which is not great.
I also am going to assume (dangerous yes), that more stranded supplied deposits/known mineralisation is going to be acquired by CAI over time, once the plant upgrade is complete and working.

The royalties really hurt, adding $185 to the AISC...
Considering how high grade this is, the AISC is disappointing. But, costs have increased I suppose, plus, its a very remote location.



I wonder if there is more upside to Cophenhagen? MRE is 43k, yet reserves are 17k...