Ann: Thick High-Grade Results in and Around Imperial/Majestic, page-34

Any company who is trying to work out the best production option has to complete the studies and carefully do its numbers. It may be that the cats can toll treat and pay for the plant but that must be weighed up against what that ends up costing. It might be better for Bc8 to go head long into it’s own plant and run some debt to build it. In this environment, companies may try and charge a price that doesn’t make sense to toll treat. I personally would like to see the cats just keep drilling and acquiring everything that stands out and build a tasty morsel. Bc8 has 750s/km of hot leases right in the best place for the gold business you can get. That asset is worth a lot more than this price imo. Management have said that you could only hope for a miracle in order to acquire these assets today.
There was a recent article in the Fin Review on the NST/ SAR merger. The companies basically said they are going to be the king of Kal and that anything worth while is on their radar. I can’t help but think Bc8 is an obvious one given its ground holding, grade, and exploration upside. This party is just really getting started imo.