Hey PB, Luckily,@DimTheLights has covered your question...

Hey PB,
Luckily,@DimTheLights has covered your question (basically cherry-picking the high grade ore). Though if I can qualify, GCY has basically been finding more gold in the planned waste that was required to be stripped in Stage 2 (not high grade, but.... still economical, as it has to be dug up anyway). This low grade 'bonus' ore, is being stockpiled and will add to the final years of production, when they stop mining Gilbey's in about 3 years (current mine plan).

As below, they plan to have around 7Mt of stockpiles. If I am reading things correctly, this will be slightly increased, with the current 4 years of relatively high grade, stretching out a little, or... staying at or above 80k p.a.




This is obviously, before they include any additions outside of the current Gilbey's pit reserves.

Dim - I hope you are right about the higher grades (I assume you mean, compared to the planned reserve grade of 0.8g/t), of around 1g/t. Which should strongly support keeping costs low and product close to or above, the 80k p.a run rate.

I think the big player has already taken a position in GCY. I also feel confident they are going to be very open to corporate action, that would then enable them to benefit from a more liquid, freely trades share holding. i.e. Say RMS T/Oed GCY, then they would perhaps hold 5-6% of RMS if GCY got a decent offer. I would not complain about $4, but that would require some pretty amazing outcomes by the drilling teams.



@Drayno - very kind words. I sincerely hope you at the least, recover all your losses from the early days in GCY. To be honest, if I achieved such an outcome, I would be very pleased, as GCY has fallen very low... due to the huge dilution we were hit with. I very much agree with your thoughts about what occurred in the past. To my determent, I should have known better. Old GCY management were never miners. Explorers, yes, deal makers, yes, but sadly, no good at digging and processing dirt (though a hefty amount of infill drilling should have been done too). I do also feel that Golden Wings was a disaster which as time went on, raised very small alarm bells in the back of my mind, but alas...

I think your main rationale for buying back more recently, are similar to mine. As for being able to top up, GCY has likely seen the lows, for many reasons. The sheer amount of money that has been spent on the project, is scary, yet here we sit with the plant alone being worth its market cap.
I am still cautious, and so, whilst I understand your point about further purchases, I have all I can justify

Well done on DEG btw. I also got a little lucky (but... its not just luck). Exploration is indeed a big unknown, as clearly, the exploration done near the end of GCY 1.0, was rushed and minimal. Hopefully, with the right team, and patience, Dalgaranga will prove it is indeed underexplored and prospective. I am not superstitious, but I might be crossing my fingers just a little....