Hi Goldfields,Certainly think it is a valid analogue regarding...

Hi Goldfields,
Certainly think it is a valid analogue regarding overall size and depth, potential for a mix of open pit and underground, low sovereign risk, reasonable access etc. And yes not as refactory and it is significantly higher grade, but it isn't all about that, given costs around strip ratios etc which still need to be determined for that project, but have been calculated for Hemi. Hemi is far more progressed around de-risking from all I can see, from metallurgy (including the POX process needs and recovery success), to native title, environmental approval progress (but this is still a key hurdle to cross and will be a lot of weight off peoples shoulders if it gets the green light during the DFS stage). It also has amazingly consistent grade in places that means strip ration is very good, which reduces a lot of costs. I'll also be amazed if Netraam and our lead geologist aren't on the money when it comes to the overall future total resource at Greater Hemi and across the wider tenure. Given the nature of Sanukitoid deposits as found at Hemi, it is very likely that a lot more is still lurking under cover, or indeed at far greater depths. These things can go down kilometers with the only limitation being the lowish grade that can limit U/G potential. While the same could be possible for Great Bear assets it isn't as obvious at this stage. I think also, that deal was done in a different, mid-covid market as well, so you might need to add another 50% or more to your value at the time which certainly puts them a lot more on par. Certainly happy to hold and see what the DFS stage brings in the way of SP uplift (or not!). For me, the only risk in the shortish term during the DFS stage appears to be the environmental approval stage and how they deal with water tables, adjacent rivers, spoil piles, tailing dams. All things never progressed by Great Bear with their project at the stage it was sold but really important in the value-adding and de-risking that underpins the SP.