Banter and general comments, page-4862

The 300,000tpa may be available within the Grants mine, accepting the trade-off of a lower ton's.

Grant's is reported as 2.89MT at 1.49%. If this was recalculated with a lower cut-off of 0.4% or 0.5% - what would the ton's increase increase to? Might it become 4MT @ 1.25%? Might it become 5Mt @ 1.12% or 6.4MT @ 1.0%. All these are simply taking the same original reserve but adding additional 0.6% ore to the calculation on the presumption that lower concentration (but still quality) ore is more common. A lower cut-off would increase the cost per ton to produce, but there's a mountain of headroom between the DFS's cost base and current spod prices.

Within Galaxy's 2020 annual report (and presumably earlier releases), they were using a cut-off of only 0.4% in their 12Mt mineral resource at Mt Cattlin. This shows other operators have found it economic to lower the cut-off.