went to the meeting, page-10

KAL is the first gold junior I have held for a while. I had a big interest in BDG which promised (but never delivered) grades of 15g/t. That was back in the good ol' $450/oz days. The good thing about high POG is that companies like KAL with low grade stuff suddenly become economical. But with low grades come high extraction costs leaving smaller profit margins. But if POG continues significant rises the returns on the likes of KAL will be exponential as any extra price/ounze is all gravy. Small rises in POG from here can represent multiples of current projected profit returns. That's of course assuming extraction costs remain fixed.