Pre BABE (as a decline) we were at 5cNAL + BAPE approval we...

Pre BABE (as a decline) we were at 5c

NAL + BAPE approval we would have to be +5c and how far above that as a re-rate would be determined by commercial terms of any successful NAL bid.

Add a WA goldy to the mix and .....


This Tansim expansion tells me in the bid they had/have a BAPE contingency, to ensure they have options and not an 'eggs in one basket' bid as a concept. Other than that they can always cut anticipated production at Authier, avoid BAPE and blend from Tansim.

As a model, it (the bid and proposed NAL operation) is flexible, scalable and importantly; beneficial to local economy - given the locals are also shareholders.

That they have released this expansion plan pre NAL decision speaks of hitting commitment targets.
Also may explain 'exploration costs' in the quarterly.

I would also anticipate Evercore would have been privy to this Quebec masterplan/hub and expansion to generate sufficient interest. Sitting in out back pocket is AJM.

Go Big or Go Home it seems.