RE: NI 43-101 is out It should be made clear that this 43-101 is for the Santana project, not the Itafos project (which is obviously further advanced). from what i can make out, the capex for Santana is much higher now, pushing $400 million (the last I heard it was going be quite a bit under $300 million). The grade is over %12, which is much better than the Itafos project which they are currently working on (roughly 5%). However, initial drilling from earlier in the year had been close to 20%.