Ann: September 2018 Quarterly Activities and Cash Flow Report, page-42

."so the dirt we just mined was the dodgy dirt (that lead to a new resource model). Everything else is just fine. Don't worry about the other 15Mt. The 25,000 metres of GC drilling we just finished won't change a thing"

They were mining through a laterite initially which we know caused issues with extraction due to hardness and variability in ore widths and thicknesses not reconciling with the mine plan , is it possible that for some reason that is what is also caused the undercall of ore grade to the ROM pad and that the underlying ore beneath the laterite which makes up guesing over 95% of the ore tonnage has been more accurately predicted by the modeling ?

As to being a low grade mine , that is an obvious and as mentioned by poster jackfisher there are a number of low grade mines ie NGF, Evolution and Yanacocha have very low AISC so I am not going to blame the BFS grade as the underlying issue here , unless it is proven that they have to drop the overall mine grade due to poor modelling as DRM did with Deflector , but has since revised up with more exploration

To me the main issue was/is management , I find it inconceivable that the screen on the SAG mill was not rectified months ago , that there was insufficient ore on the ROM pad when the mine started operation then blaming the contractor , and that we were told there would be 25K oz for the Dec quarter and then get told in the QUarterly that it will not be achieved , when it looked like the company was prior to that in possession of info that it would not be achieved .
Someone was asleep at the wheel, and the Board took too long to rectify it , hence loss in confidence by the share holders on GCY , but is the actual resource worth downgrading ? I doubt if we have the facts yet to show it is .