Ann: Extension of Voluntary Suspension, page-65

If they can get to 5Moz resource at the same grade and get at least 2Moz into reserve category, giving LOM of 10 yrs at 200koz p.a. then in my opinion that is critical mass. As with any commodity though margins are the key.

There are plenty of lower grade, gold leverage plays around (ala someone like PRU who could be producing 500koz on low margins and will kill it in POG up cycles). I don't know where POG will be by the time VEC is producing though so I would like to see that high grade produce low costs.

cfp can have a go but WAF are fully funded in BK which has it's own sovereign risk issues primarily as debt on good rates (sub 10%) which is pretty amazing. The reason? They have very low AISC and can ride out any cycles. That's what you want to see from VEC.

If they could nail a trio of >5Moz resource, >2Moz reserve and AISC I would be very interested (depending on valuation at the time of course)