Ann: Spectacular High Grade Gold Intersected in Crusader Drilling, page-91

Good point @WangChung - at this stage, don't have enough information to make an appropriate estimate of milling costs but my AISC markup might be underdone - I probably should have uploaded the below sensitivity in the first place.

@perdant, below is the only thing I can recall seeing on the agreement when doing my previous DD (obviously has been somewhat superseded as NXM now have 90% JV interest):

Seems Saracen are responsible for treatment and royalty costs, with the treatment costs being factored into the SAR purchase price paid to NXM. As Andy always mentions, the JV allows access to Carosue Dam which is what makes it viable.

Back of envelope sensitivity below:


Agree, this is 'doable'