Ann: Quarterly Activities Report, page-96

You won't get an argument out of me...

"I would expect rising Tropicana AISCs costs will be mitigated by rising ore grades accessed."

And price of gold given the long term tend and the forecast of many commentators.

And what I mean here is accessibility and existing infrastructure. If they purchased another resource, perhaps one that was stable but could do with some expansion, they would likely need to shut down AND spend big dollars. That's a whole heap of risk.

A lot (all?) of the expansion capacity related works for the next 5 years (at least) have been completed and (mostly) paid for.

Tropicana is a known quantity, and in many (not all) regards that alone justifies the premium.

(a lot of things being caveated in brackets, but I'm trying to acknowledge nothing is absolute here)