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My interpretation is that we are dealing with shallow broad pits, which seem to thin out as it goes deeper. That would make sense in regards to strip ratios being inverted to what is typical, hence they are able to target low-cost production right from the outset. These guys aren't your typical gold producer, they are down to earth and straight hitters. I would also echo sentiment that management have a preference to under-promise, over-deliver.

In any case, the quarterly is locked-in now. I'm comfortable with my understanding of the financials, and that they are heading in the right direction. What intrigues me now is the imminent resource upgrade at Panther, as well as ongoing exploration activities. A upgrade of the LOM should be instantly priced-in by the market in full, as well as a discount for de-risking the entire project further.