Ann: Underground Phase of Cannon Gold Mine to Proceed, page-6

Understand your point. But under the scenario of 22koz, AISC of 1,000, sell price of 1,650 and 10m capex, WGX breaks even (or makes a tiny profit). Therefore, if they confirm additional resources, it is only fair that they keep most of the profit. They are running all the risks after all.

Moreover, I think SM is more interested in having cash for exploration, and this extra $5m will buy us another year, perhaps two, of exploration both in Australia and SK. Actually, we could even get another special dividend... who knows? SM is following his original strategy of using the Australian resources just to keep the company running, and working for SK to become a lottery ticket. Nothing here approaches the scale of Gubong, or has the potential of the other tenements in SK.