Once Quartz is gone after 4-5 years (rough estimate), we're back...

Once Quartz is gone after 4-5 years (rough estimate), we're back to where we were, using lower grade ore from A pit main. That is, unless re-investing to define further resources worth mining (and with Thai government approval). The Thai government could easily delay the process for many years, so better begin the process early.

The current level of exploration is enough to find interesting areas (the Southern rock quarry area, if a mining lease is realistic there - there are already shallow workings there by Thais). The current level of drilling is not enough to properly define the resources to M&I (though more rigs have arrived lately, which is either re-investment by ourselves or by Lotus Hall). Have we even seen Inferred level resources outside of the Chatree fence yet? I don't think so. Only drilling assays / trends.

Every year, Chatree gets closer to its end of life, as was seen in the years where grade was gradually falling, as we relied more and more on A pit main. We can't just withdraw all profits, and hope for things to stay as they are. See how they re-invested into plant 2, so that the falling grade remains economic (economies of scale).

In my business, at the bare minimum (if wanting to only keep the business stable), enough profit has to be re-invested to allow stock on hand to rise with inflation (eg. $500k of stock may be 1000 units in 1 year, but 950 units the next due to inflation. Having to reinvest ~$25k of the profit to keep stock stable at 1000 units.)

In the case of KCN, it could mean, re-investing enough that JORC resources stay stable, by defining enough resources to offset depletion. Management will likely do so anyway, if they don't get too big for their boots and start acquiring things again.