Agree with your points. I wouldn't be too excited by the...

Agree with your points. I wouldn't be too excited by the existing equipment at White Dam though. There is no milling circuit, so primarily carbon columns, a gold room plus the new SART plant. You would be hard pressed to demount these and transport up to the Drummond for less than you can get brand new equipment from China.

In any case, I am 99% sure White Dam OPEX with SART will be sub $1000 AUD/oz, just look at the half year financials off an exhausted heap. Factor that in and you are looking at $74 m net profit off the readily leachable material. I doubt they will mine all 59k oz within two years, the mine plans in the metals investor presentation looks like maybe 10-15k oz in the next mining campaign? And then a heap takes 3+ years to squeeze all the gold out so cash flow can be quite protracted.

Plenty of cash flow from White Dam to build a Rolls Royce heap + CIL + refractory gold plant to process any kind of gold you can dig up, and this is very exciting long term. When you have a metallurgist on the board, you can be confident we won't be continually drilling for the next 5 years like some other goldies out there!