Conclusions 2 - The Numbers

If the revenue-based tranche was the $330m. raised to produce the waste rock stockpile, then the amount of gold that The Royal Canadian Mint would have invested in is $660m.

At an average price of $1500/oz., that means 440k oz. of gold. If you take out the presumed open-pittable resources at Roy Lloyd of 77k oz, that leaves 363k oz., which seems to be about the correct amount derived from the ore stockpile.

So the revenue - based tranche would mostly have come from the Roy Lloyd ore stockpile, and perhaps a little more from what was left of the pay streak at the EP Mine.

-F6