Ann: Borborema Optimisation Study Delivers Outstanding Results, page-4

while I agree that mines rarely hit their forecasts, and hoped for a lower breakeven this is a bit different as:
1. NPV is based on first phase. 700k oz only. The following phase likely to be high margin, and improve NPV, as the mine will already be running.
2. grade low, but 1g/t is typical for new open pit mines, and this is near surface, and easily separated from the rock, so processing risk low. plus it has the road and town at hand. it is not the back of beyond like many mines.
3. new CEO is the real deal, not some spiv, he could get well paid anywhere, so clearly believes in the company's assets
4. backers have kept putting their money in. so project unlikely a dud
5 they are already finding costs below forecast, a sign of a conservative plan