Wirralie is definitely the dark horse in their Drummond halo...

Wirralie is definitely the dark horse in their Drummond halo strategy. You've probably come across the Ashburton report referring to Albion achieving 95% gold recovery on Wirralie sulphide, and there is a strong link there with PR. Wirralie would be a game changing acquisition as it is currently in production with operators, but because of this I don't think the current owners would be too keen to let it go for the kind of prices GBM's acquired Yandan and likely Twin Hills for.

When I was trying to find out more about Wirralie I did get the feeling that the oxide resource is running dry and they are searching for options to process the refractory sulphides identified by Ashburton.. POX, BIOX or Albion are the options.. Definitely some potential there if current owners don't have the metallurgical expertise to pull it off and none of those are cheap to install.

Capital costs for the Drummond are hard to say. They did estimate 25m for the Koala + Glen Eva plant in the feasibility, and probably looking at 5x plant size with Yandan and Twin Hills in the mix. But PR delivered an operating SART plant for around 800k. The next cheapest SART plant was delivered by Newcrest at like 5m+, so PR has already demonstrated he knows how to find a bargain.