The issue I see is the lack of a copper kicker. Cadia has a lot of copper - it'd probably be ~30% copper revenue.
If you look at the reserve grade from Cadia it is also quite a bit higher than the resource grade, which probably means some of the resource material starts to become uneconomic <0.3 g/t.
Cadia costs are also going to rise quite a bit over time relative to where they are in 2020. They had US$113/oz AISC last quarter but they were mining 1.4 g/t Au equivalent.
Ann: Significant Expansion to Mineralisation at Boda, page-51
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