I think you neatly answered your own question. To me the big...

I think you neatly answered your own question. To me the big problem is inflation. Costs are rising in tandem with the POG therefore negating potential for dramatic profit increases all across the Australian industry.

I have personally responded by:
1. Avoiding developers totally except where they have internal cashflow to self-fund.
2. Concentrating on high-grade which vastly reduces inflationary risk.
3. Always looking for a consolidation angle.
4. Taking punts on pure explorers where the price escalation following a significant discovery will inevitably for a moment in time disregard development risk.
5. Looking more closely at other countries/jurisdictions.

I shudder when I look at CAI in this context but wish you all well. I would like someone though to answer the fundamental question here which is how come the gold (grade) supposed to be in the initial project went on holiday and left everyone scrambling….