and having reread the Canacord note (which is mostly as expected as you say) a few times, this analysis is a bit strange to me:
It seems they are saying: More mined ore (ignoring waste) AND higher feed grade on flat feed volume THEREFORE cherry picking ore CONCLUSION need to spend to prove more good quality ore below or nearby to keep the performance going medium term.
Maybe they know something we don’t but taking the report at face value, I would’ve characterised the situation as: Stage 2 cutback means more waste as well as more ore being mined AND ore now better quality since coming from Gilbeys fresh rock only AND plant working at capacity GIVING consistent grades processed CONCLUSION confidence to increase value of asset by spending on extended mine life.
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