General Discussions, page-34811

Hi Topo, re “with operating costs substantially below industry averages”

though cash burn in those early years could be quite horrendous compared to what gets reported as opex cost with the amount of ore that goes to the low grade stock pile likely seeing a lot of the mining cost treated as inventory as opposed to opex. The low grade inventory build up is quite substantial in comparison to the ore processed capacity of 1,650,000 tonnes per annum after stage 2 complete, so looks like substantial cost onto the balance sheet until that ore eventually gets processed.