Ann: Pantanillo Oxide Project - Au Scale and Potential Identified, page-19

"1Moz won’t cut it at those grades given the geometry of the mineralization and the likely high strip ratio"
The argument that size is an issue could be partially true based on the current resource size. But FLG has plans to grow the resource size with pit shell expansion + additional drilling (based on Ann: Pantanillo Oxide Project - Au Scale and Potential Identified) so this might change in the near future.

RIO2: Fenix is an oxide gold project slated to produce 1.32 M ounces of gold over a 16 year mine life, it has a 0.48g/t head grade and an average life of mine AISC of US$1,237/oz Au3

FLG: Pantanillo hosts 47.4Mt @ 0.69g/t Au for 1.05Moz Au – QFE1 of mineralisation with an aim to produce 100,000oz of gold per year for more than 10 years (a total of 1M ounces over a 10 year mine life). We'll need to wait and see firstly how much of an increase the pit shell expansion delivers, and then the additional drilling later in the year.

"Lots more exploration success required before this becomes a sizeable economic deposit"

Could be partially true but already in the plans with the pit shell expansion + additional drilling.