Vanadis IPO, page-310

Higher grade JORCs do tend to get the market excited, and rightly so since the margins for mining suddenly look great. But you can make a case that low grade JORC reserves are economical too. Some aspects would be the depth of the ores and ease of extraction, whether open pit /horizontal or vertical shafts/mine flooding issues/the particulates in which the ore is held etc; measured reserves across the mine life. 

Don't get me wrong, we all want to see high grade JORCs, and yes they probably do attract easier funding, but there's an economic case to be made for low grade if the conditions are right. 

One of the aspects I love about Tiris is that theres no real complexity with scooping up the ore. So even though the ppm look low on paper the costs to get to these low grade reserves is sweet bugger all. Even scrubbing it returns decent grades. I guess each mine has its own complexities - with Tiris it will likely be consistency and leaching performance. Still, it looks promising.  

With Haggan, you can do the economics as low grade but offering a 30 year polymetal mine - this could be far more lucrative. We dont know what the market will give us. You may be unfortunate to have had a stellar high grade holding and have mined all of your high grade V ore at $10 thoughout the 2010s and now the mine is closing in 2 years time (thats just an analogy but you get what I mean). A 20-30 year mine gives you some time to average the ups and downs (hopefully remaining economic the whole time).