If Core are 80%+ complete on their waste rock removal, the...

If Core are 80%+ complete on their waste rock removal, the remaining waste rock to ore ratio in Grants is getting to PLS or better ratios (for the work still to be done, not the very high costs of getting to that point). If core is 80%+ complete for Grants waste rock removal, it has a very sharp forward looking cost structure.

The original DFS had 13.1M bcm to move. If 80% complete 10.5M bcm has been moved with 2.6m bcm still to move (unless plans have changed slightly). The spod ore has a density of 2.71 in the DFS so the approx. 1.4Mt remaining ore in Grants pit is 0.52M bcm still to shift. 2600:520 is a 5:1 waste to ore ratio. If the waste rock removal completion is higher than 80% then this remaining to mine strip ratio will fall further. This makes my earlier 6:1 guess start to look conservative!!

As context, in the last half year, PLS shifted 15.7Mt of waste for 3.03Mt of ore or a waste to ore ratio of 5.2:1. Any ratio around 5:1 or lower is getting into the far left of the hard rock cost curve.