Ann: Maiden Mineral Resource Estimate sets foundation at El Zorro, page-150

3:52 onwards "i know and i've received numerous messages around the gold price that was used to generate that pit optimized shell and it's important to point out that, that gold price has nothing to do with the cost of making of building a gold mine here, that doesn't reflect the cost of gold that is going to be needed to make this deposit economic

that cost of gold was simply selected when we ran a number of different optimizations at various gold prices to get what we believe is going to be around what thecut off grade for a mine here. Is going to be able to produce at, so with the work that we did, looking at the grade tonnage curves of the global resource and not constrained within a pitch shell it looks as though with our metallurgy, as well that the cut off grade will be around a 0.3 gramsper tonne cut off grade.

what the engineers did is they just generated a whole bunch of pit optimizations using different metal prices to to achieve a result where by we can constrain all the blocks or a majority of the blocks in our resource estimate that hit our 0.3 gram per uncut offgrade and that's what was reported in that table, so it's just an arbitrary figure it has nothing to do with the profitability of a future mine and perhaps if people looked a little more closely at those pit optimization parameters"

My commment: If you look at most MRE released to market, including DEG's they do not provide a pit optimised shell to capture global resources they have this done internally and that is why there are different cut off grades in their reports. See example of NVA below:
These companies have their own internal models, which would reflect a similar gold price to capture global resources, hence the different cut-off grades. It is not a requirement under JORC to report this, as MRE is not a scoping study, PFS or FS. TSO chose to report it and the market misunderstood it.

5:16 : take a look at the cost which we're actually build up a very good database of, we're actually looking at cost potentially of sub thousand dollars per ounce, production costs in that in the parameters that we use, so they're still very early figures they're not ready to even be used in ascoping study yet so i'll just caveat those numbers around that and we're doing work on all of that at the moment and i would expect the next iteration of our of a resource upgrade to have some tighter figures in there around what it will cost to to operate a gold mining al zorro but at this stage it's looking like it's going to be a fairly low cost operation

I would highly recommend everyone to watch the above video. DYOR the downrampers are having a field day and it is the fault of TSO for priortising their performance shares at the espense of this EXTREMELY poorly communicated report.