Ann: Minister response to in pit tailings environment assessment, page-9

The quote is from an anonymous hedge fund manager. It's right there in the story.

Let's put some numbers to this:

Stockpiles were 5.4m tonnes for 80k oz (0.46g/t) as at 31 Dec.

If mill shuts at end July that's c3.75m tonnes left unprocessed (2.8mt/annum capacity).

I suspect they would be processing highest grade material first so grade may be down to 0.42g/t by time ends.

At 90% recovery you're talking 46k oz lost.

At $2,700 you lose $123.5m of revenue.

But you have to process 3.75m tonnes. I can't imagine costs are cheap in N.S.

At $30/t you make $11m pre royalties.

At $25/t you make $30m.

GMD shareholders own 8%. So SFA in grand sceheme of things either way.