Ann: Quarterly Activities Report, page-19

I guess what i was getting at is on the arbitraty judgement of a company based on AISC as oposed to AISC relative to grade as a metric for judging management performance

I think we are largely on the same page, low grade is our biggest or lowest hanging fruit to substantially increase profitablility
better grade will not only increase AISC but also overall ounces.

we have torque... either through finding higher grade to blend, or through increased margin in gold price over AISC
not to mention Timor L'Este potential.. and our downside risk is rapidly reducing.. LOM has been sorted... so long as gold stays above 4kAUD we have 2 dacdes + of profitable ore.. I feel the company is rising in security level while still having massive upside potential

to date on our spoke and wheel model we have been able to build base load marginal ounce for life of mine at a reasonable price, but we are unable to get any volume of high grade ounces by acquisition because they woul be stand alone companies in their own right.

my assessment of it is.. spoke and wheel is good for building a baseload of mediocre grade resources but exlporation is needed to lift margins.. we need to find higher grade at the drill bit.. and blending that with the baseload lowgrade that secured life of mine will lift our margins and annual ounces if we can discover it (or maybe buy some higher grade smaller stranded deposits) .. my point was also (maybe in a different post) that we have done the hard yards now on building that baseload to secure LOM.. we can now be picky on acquisitions and instead of worrying about growing logevity we can focus on finding higher grade that can be blended into what we have to lift grade

I will put a caveat to that.. Jaurdi alone wil not change our PE ratio... we would need to be producing 200 to 300k ox pa for a rerate by getting into the ASX200 and other similar ETFs to get a rerate above and beyond our current PER.. and this is the reason why ive always viewed BCN effectively as a self funded explorer.. we wont get a rerating on Jaurdi alone
if we get to 50koxpa & with better AISC.. we will price that in.. but we will still be the same PER.. a double to quadruple but not a 10 ro 20x

I will add a second caveat to that.. a global capital rotation out of US markest will be a tidal wave that retates everything in commodity rich countries
that alone in my view would be the biggest driver.. it would sent gold way higher and capital to ourequities.. now that would be a 10x+ factor.. we would go from unloved to loved effectively with the same for the underlying commodity at the same time.. and that is our biggest torque by far