MM8 have around 800koz and 36kt of Cu in indicated category....

MM8 have around 800koz and 36kt of Cu in indicated category. They can probably put a little bit of inferred into PFS but not a lot. That material is held in 12Mt of ore. They could probably build a 1.5Mtpa plant. This should keep capex at or below that AAR estimate.

Produce 92koz of gold + 2.5koz of copper. (2g/t and 0.3% Cu and 95% Au recovery and 83% Cu)

MM8 strip is fairly high at 8:1 but grade should cover it. In saying that AAR weighted strip is about 6:1. So you have AAR moving 17.5Mtpa of dirt (2.5Mt x 7) vs MM8 moving possibly 13.5Mtpa of dirt (1.5Mt x 9). In theory means mining costs should be lower.

Processing costs should also be lower for a smaller front end.

Copper credits at A$12kt = $24m (assuming 80% payability). Spread across 92koz of gold is around $260/oz.

Therefore all being said we could feasibly see AISC after Cu credits at A$1,300? At A$2,600 gold gives us 50% margins or about $120m EBITDA per annum.

If I am not wayyy off (which is entirely possible) then it's hard to see why this is priced where it is.