I think Ascendant 2 hit the mark in what LTR were trying to convey to investors by coupling the themes of respect to the Tjiwarl people and underground development success.
The clear focus on good relations with the Tjiwarl was a recurring theme. As I've mentioned previously and thoroughly confirmed throughout Ascendant Part 2, the scaled back OP model was not an economic decision, rather a respectful agreement to minimise the impact on the land the Tjiwarl hold sacred.
I know on these threads, it was been drummed into holders that LTR prioritised UG because it's "cheaper", or so the claim went. Some went so far as to suggest UG is so much more competitive that peers were crazy not to have done it. Hopefully we can move past that nonsense now and accept why LTR made the hard decisions they did and see them become a cost competitive producer post this upcoming transitional year. Not an easy task but they have great contractors in Byrnecut.
LTR have done what they said they would do in building an UG mine and operations to support that. From here we see whether they can make UG cost effective to the point that it doesn't too heavily offset the 1.34% grade advantage of the deposit vis a vis an open pit operation / peers.
Still much to do in terms of "doing what they said they would do". On a high level, as I wrote above, they said they would build an UG operation and have done that. Can LTR meet the rest of their promises like LOM grade, recovery, costs? We shall see.
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