You are of course 100% correct. However, the reserve that they are trying to bank is based on that gold price. The banks are likely to stress test it at levels at least 10% lower than this. My point being is using a level so close to spot to quote your reserves on a large project like this is not common practice. Anyone who has ever been involved in developing and funding projects would know this. Take a look at the prices used for established miners to see what I mean.
Ann: Karlawinda Optimisation Study Delivers Increase to NPV, page-28
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