Ann: 77m at 5.3 g/t Au confirms underground potential at M5, page-16

strip ratiois generally not a focus for u/g - its an open cut metric

u/g depositsare characterised bylots of barren material then really high value paydirt - usually coarse narrow vein epithermal gold from epithermals- so its nothing to have a very high strip for an u/g because the high grade paydirt makes up for it

whereas the near surface lower grade bulk tonnage mines economically functionalmost entirely off the strip ratio because the value of gold is fairly low - so its about management of mine costs

as example - open cuts avg 1-3g/t mineralised reserve - u/g projects typically double or even triple that

what makes WAF look very attractive is it has fairly coninuius paygrade mineralisation from near surface dpwn to the higher grade material at depth - as well as continuity along strike

ne ofthe biggest killers of u/g business cases is when there's toomuchbarren rock from surface down to where gold starysdelivering a cashflow - whats called'prestrip' in an open cut mine.

get too much waste material and the cost before cashflow can kill npv returns.