The quote is from an anonymous hedge fund manager. It's right...

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.