RE:African Gold Group: Realistic Updated PEA Aims At Improving Mostly bullocks unfortunately. IRR is down because company wants to build smaller operation first. Capex went down from $122m to $46m, and capacity from 7m tpa to 1.6m tpa. It's only natural you high grade the deposit in that case. Opex goes up because of decreased economics of scale -> you need higher grades. But it doesn't mean that the rest of the resource is be uneconomical. They can expand later.