RE: Last two minutesCalculation looks sound to me, but perhaps overly conservative and I appreciate that was your intention.
In there last N.R. Volta says they intend to convert 2/3rds of the Randgold in-house estimates to NI 43-101 compliant resources. If you simply take the 2.65 million ounces, in-house estimates from Randgold, 2/3s of that would be 1.75 million ounces, close to the baseline you have calculated as well. But is it not the case that the top 2/3rds (closer to the surface) contain more gold than the lower third with this type of an open pit mine - thought I read that somewhere. If that's the case, chopping off a full one third of estimated gold is too much of a discount.
I am trying to understand how the higher grades will impact the total ounces defined. If you take some round numbers. Assume the Randgold average grade to be 1 gram per ton and the NI 43-101 to come out with 1.5 grams per ton, this does not translate into a fifty per cent increase in the size of the gold deposit, does it? If so, then I think your esimate is again conservative on that front.
Here's the link to the news release of their SRK assisted NI 43-101 for Gaoua.
https://www.istockanalyst.com/article/viewiStockNews/articleid/3013522