Ann: Significant Mineralisation Beyond Reserves at Williamson, page-36

For that to be the case BLK would be apportioning certain general admin costs to production costs (which is fine) but the AISC should be consistent with the financial report, otherwise on one hand you're saying they are production costs and on the other saying they are not. My guess is that the $20/oz is the apportionment of general admin costs to production. Without seeing the calculations it's very hard to say, my general point is it's very difficult to estimate what things will look like going forward using limited information in the 5B. To be honest, the most important input of the AISC is ounces and assuming tonnes and recovery aren't big issues then it's grade. If grade doesn't improve the market cap of an unprofitable mine should arguably be zero, if they find a good ore source that will give them breathing space (i.e. make enough cash to fund everything they need including debt) I'd expect the share price to do pretty well.