RE:RE:RE:RE:Well that was a kind of a non eventForgot to include the MD&A quote about mine sequencing, but that's where the development rock angle comes from. Also possible they mixed in some of the lowest grade stuff out of Limon, but I think it's more likely it was primarily development rock being delivered from Limon. Sending low grade to Libertad makes the most sense to me from the angle that the company needed to do something with the gold bearing development rock and it aligned with wanting to increase produced Ozs (knowing that they would increase further once they start mining the high grade reserve ore). If they don't send that development rock to Libertad, it has to basically sit in Limon for an extended period of time since Limon has way more high grade ore than milling capacity and you'd only want to mill it there when you run out of high grade years down the road.
Also, the company mined almost double the waste rock in Q1 2023 vs Q1 2023 (5.x milion tonnes vs 3.x million tones last year Q1) reflecting all of the development that was happening on Eastern Borosi, Pavon Central, Pozo Bono, La Tigra, etc. I'm not sure how the company capitalizes those costs in their financials as they don't break it out, but they booked $10 MM USD in Q1 under mineral interest depreciation. It stands to reason that if they straight line depreciated those mine development costs (rather than proportionally depreciating it based on ounces produced at each mine) the worst cost to revenue profile is in the development stages of the mine as it produces little to no revenue in those phases while eating an equal quarterly share of the life of mine capital cost, but the payoff to profitabilty occurs down the road when its producing at designed capacity.
What's also of interest is what gpt the company will mine out of eastern borosi first. Reserve grade is close to 7 gpt but some of the pits average 12-13gpt+. I'm sure the detail is available somewhere about what pits they'll target first and what the grade profile in the pit looks like, but I don't really have the patience to go through all that detail right now. All I know is Eastern Borosi is probably top 5 in the world for high grade open pits (in aggregate) and if you look at each pit individually some of them will be highest grade producing open pits in the world.
Good times are ahead, especially if gold takes another leg up above the all time high and trades in the $2200 - $2400 range (or higher) for an extended period of time.