Ann: Mining Contractor Selected with Deferred Payment Facility, page-9

10c+ sounds fair. Thats a $17m mc - which is about 50% of the project npv based on a gold price of $3500 - and about 25% of the project npv based on the current gold price.

Once the toll treatment agreement is sorted and funding is secured I expect the mc to approach the project npv. Which the scoping study published as $35m based on $3500 gold or $60-65m based on current gold price. So a 20-40c sp.

This assumes a lot, including toll treatment and operating costs are inline with scoping study. In any case, any increases in mining or toll treatment costs from the scoping study I expect to be covered by the ongoing increase in gold price. IMO the POG will exceed $4500 this year.