New Zealand mine(s), plural, are not close to running out of...

New Zealand mine(s), plural, are not close to running out of gold. Mine life stated as 5 years, which means 5 years of reserves available at output level. However, the mine life number does not include resource, and as can be seen, OGC is actively pursuing an upgrade of various resources to reserve category. If you include resources at even a 50% recoverability probability, you are looking at 8-11 years mine life, which in the industry is decent.

As for Filipino mine....how will they finance it? Good question. The alternatives all seem drastic - a heavier debt burden, dilutive placement, or partner. Now, the last two options can be ok - firstly, if OGC treats us well and doubles or triples in price, then a placement at those price levels is great. And, the partner idea can be beneficial, provided they get good value on the project.