Another example is CMM where the SP has escalated a lot as well...

Another example is CMM where the SP has escalated a lot as well but is much lower grade (closer to 1g/t) and has an ASIC a bit higher than EMR ie EMR has an ASIC about $A1,200 and CMM is closer to $1,300. Both EMR and CMM have annual production of between about 100k Oz and 120k Oz.

What you failed to note with EMR (and CMM) is that they are rated highly as they have other projects which will be producing gold within circa 2 years which will send their production over 200k Oz pa. So it is not a like with like comparison to SPR.

BGL in my view is a better comparison with a high grade UG mine, with SPR possibly having a similar production profile. They may have an ASIC below $1,200 - the DFS in June 2022 had an ASIC of $A1,000 to $1,100 up from the $1,014 in September 2021. To date their execution has not had any red flags.

And I don’t necessarily agree that SPR will not have an ASIC like EMR or CMM. I believe it is possible they will have an ASIC as low as $1,300 or even lower due to a number of factors which I have mentioned in previous posts.