interested lt igr sucker, page-44

"There is one catch there though RB..."

Chuck, to compare separate the open pit from the underground ore first. All of Integra's reserve is open pit, so that makes it easy. However, annoyingly they don't separate open pit from underground in their resource statements like SLR does. However, they've provided resource details for their three underground deposits back in January.

Grade and C1 costs don't tell the full story. Note how SLR provided forward looking annualised capital expenditures for MM and Murch at diggers and dealers. I wish all gold companies did that.

On the underground, Murchision grade is lower than Daisy Milano/Haoma grade at MM. However, generally greater widths and longer strike lengths make up for it... mechanised mining versus air leggers. Ounces per vertical metre is a useful metric... note SLR says they have increased ovm to 2000-3000 ovm at MM, which reduces their capital costs per oz.

My understanding from talking to CC is that Integra's underground deposits are more similar to Murch than MM. Greater mining widths, mechanised mining and long strike lengths... cock-eyed bob has the shortest strike of the three, then Santa and Maxwells the longest from memory. If CEB worked out, the others would likely be more profitable was my understanding, higher ovm due to longer strikes