Ann: WOODLARK DEVELOPMENT PLAN AT KULUMADAU-GPR.AX, page-2

Looking at this in more detail:

1. Last pit estimates done in 2012 with substantially higher opex.
2. Oil/Diesel is now almost 1/3 of the cost then - the biggest opex item in any mine.
3. Capex based on similar plant has similarly reduced as have order/delivery/build times.
4. Labour and contracting rates are substantially lower also.
5. The Gold price in USD is comparable if not US$1-200/oz higher now.

Other things equal, these improvements should mean a current optimisation today would deliver more recoverable reserve ounces and more $$. Lower Capex would mean a quicker ROI and a better payback.

The pit graphics in the announcement suggest the same to me.

With a bit of in-fill drilling and some extension this could represent a very cheap entry.