Evidence based speculation, page-10

Personally I think your numbers are so rubbery they have zero value.
1. This project is heading down the pyrometallurgy path. Very different and much more expensive than conventional CIL processing. Involves high temperature and/or pressure which will be very expensive in remote Brazil. So throwing conventional gold processing costs at this project is purely misleading.
2. The only processing deal I am aware of is the arrangement to use a pilot plant in Rio some 2400km away for bulk scale test work. The pilot plant capacity is 1 to 2 tonne per day. Well short of your numbers used for your trial mining scenario. Can you point me toward the processing deal you refer too? Is there another one?

So I not much of a fan of your evidence based approach.
However I would say that using spreadsheets is a very powerful way to assess mining projects.
Infortunately this project is a radical outlier where applying typical industry cost standards will fall too short to be relevant.
There are barely 3 holes assayed - there is long way to go.
Cheers
Gosouth