Gold over $1400 year end? Would be good timingOld report Rockstone with calculation $1200 per oz recent NR : 160T added to .... stockpile Clairecamp What would be current stockpile? https://rockstone-research.com/index.php/en/research-reports/46-CMC-Metals-Ltd.-Ready-to-Mine-Bonanza-Gold-Grades-in-California HIGHLIGHTS Radcliff is a high-grade gold deposit at surface amenable for open pit mining. Historic mining records show the removal of around 15,000 tons ore at surface (oxidized) producing a total of 15,000 oz gold (1 oz/t gold) until 1908. Since December 2010, the Radcliff Mine Property and the surrounding World Beater Property (incl. the historic World Beater Mine) is a 50/50 joint venture between CMC and Pruett-Ballarat Inc. (PBI), a Nevada based private company specialized in mining engineering and the current operator of the Radcliff Mine. With around 15,000 meters of drilling completed, Radcliff is considered drilled-off (i.e. no more drilling needed) with the result of well defined gold resources. Radcliffs total resource: ~300,000 oz gold at an average grade of 3 g/t (relatively high-grade for open pits). In order to start large-scale open pit mining, CAPEX of around $30-$40 million must be financed. For such a large investment, a time-consuming and costly feasibility study would be required. To avoid such, CMC is executing the following mission to start mining immediately: Around 84,000 oz gold are located in high-grade sections of the Radcliff Deposit (so-called gold pods/lenses/exhalites) averaging 22 g/t gold. Gold pod #1 contains ~24,000 oz gold (at an average grade of 35 g/t gold). CMC and PBI plan to mine out Gold Pod #1 first (underground). It will take around 1.5 years to mine the ~22,000 tons of rock containing these ~24,000 oz gold (valued $29 million @ $1,200/oz). Currently, CMC and PBI are constructing a 30 m long adit, which goes straight into gold pod #1. It is 2/3 complete and expected to be operational until early March. 3 months ago, CMC started the construction of this 3x3 m adit, which is large enough for mining vehicles to drive through. The adit is already fully approved. The rocks from the construction of this adit are stockpiled and average an estimated 3 g/t gold. This material may be processed at a later stage as CMC and PBI focus first on mining selected high-grade sections, which material is subsequently just crushed and grinded in order to be shipped directly to a processing facility. Thus, no tailings pond required for such high-grade material (in contrast to 3-15 g/t gold material from Radcliff). The other gold pods are near-by (100-150 m from gold pod #1). Around 4-5 years are needed to mine out the 84,000 oz from all the high-grade gold pods (valued $101 million @ $1,200/oz). CMC and PBI plan to produce ~20,000 oz gold per year and thus generating sales of ~$24 million per year (with gold at $1,200/oz). Production costs for the initial 84,000 oz gold are estimated at $700-$800/oz. Milling (crushing and grinding) costs are typically 20-30% of total production costs. The icing on the cake: CMC owns 100% of the Bishop Mill, a 2h truck drive on highway from Radcliff. This mill is ready to process the high-grade material from Radcliff. Altogether, CMC may be credited net 10,000 oz gold per year for 4 years plus the milling costs of around $150/t processed by the Bishop Mill (at 2,000 t/month = $300,000/month or $3.6 million/year). With gold at $1,200/oz, CMC may generate revenues of ~$16 million per year (total: >$60million in 4 years).