With a narrow vein high grade resource like Rothsay unless you...

With a narrow vein high grade resource like Rothsay unless you spend a fortune on drilling it is hard to get the get all the resource into the indicated or better category. The latest resource update lifted the indicated resource by 19% over what was in the DFS.

The real risk with Rothsay is not going to be the gold not being there, but getting it out efficiently so the AISC doesn't blow out. I like their plan of driving wide and ore sorting and I think the team have the skills to get this mine right, but until they get underground we won't know for sure what we face. At least you are not paying much for the upside exposure at the current SP.