Maybe because you're using the wrong figure. The resource currently stands at 2.4Moz. Bellevue has never had a problem converting inferred ounces to indicated ounces (this builds confidence in the geology team as the understanding of the geology and mineralisation is clearly there), so these inferred ounces are also priced in. This brings it down to what? $380 an ounce? Keeping grade in mind, and the fact that there are 10s of kms of existing underground development already in place... its not exactly expensive... Show me another project like it in Australia, I dare you! This one is a winner.
Maybe because you're using the wrong figure. The resource...
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