AVM Revised Value Proposition - Myrtleford / Beaufort Gold Projects & Gavilanes Silver Project Review, page-2

I think the Mexican project grades will go down as they scale the resource up for more ounces. Scale is more important than grade at current prices.

Likewise, the Victorian projects won't be rewarded until some sense of economic scale is identified. They'll be chasing depth and strike at already identified extensions IMO, and a couple exploratory holes at Beaufort to see what's happening in the pyritic slates beneath the base of oxidation. There is little halo mineralisation around the auriferous quartz so the play needs to be focused on high grade UG.