Comparison of NVA to the Market, page-9

I think you cannot just equate low grades with a high AISC. That would only be the case if we would have to move a lot of dirt to even get to small pockets of low grade g/t.

In Nova's case the situation is very different: gold bearing dirt starts from surface and then goes down hundreds of meters, so every scoop is payable dirt. A very low strip ratio so no need to dig deep to even get to the gold. Most IRGS have low AISC and I don't see why Estelle would be different in this regard.

Management has been very outspoken about low AISC expectations and the Scoping Study should show this. So until proven otherwise, it is safe to assume that the AISC is on the lower than average side rather than the opposite.