Hi
@Prisoner24601
Thanks for that video link.
Some promising updates with 3rd feasibility study due this month which should include results of infill drilling to about 100m below previous reserves at M1.
"It's got an AISC LOM of just over US$500/oz"
I'm not sure this is a leak from the upcoming 3rd feasibilty or just a mistake, ie Richard has confused the first 5 years of the project for LOM, as the previous feasiblty had a LOM AISC of US$640/oz with an AISC in the first 5 years of US$551/oz.
I'd be surprised and very happy if the new feasibilty gives a LOM AISC of just over US$500/oz.
Sounds like they will add 12 to 18 months of reserves with the infill drilling done at M1 to bring UG ore in the mine plan to about 5.5 to 6 years from 4.5 years.
Reserves project wide are heading to just shy of 2Mozs with a blended head grade of 3g/t.
One negative for me was being told we are waiting to infill M1 deeps until they get UG access. This is a mistake IMO for the reasons I've outlined before. Richard said if M1 all infills as expected down to the vertical depth of the deep hole, M1 should give about 8 years of UG production down to that level. If a takeover comes we won't get paid appropriately for almost 2.5 years of that high grade production potential IMO. In 2017 one thing Richard said he had learnt was to "always keep drilling". Seems like his own lesson has been lost on him. Better to have the drills still spinning when a TO comes as you can appeal to shareholders to give you time to produce an updated resources and mine plan.
Also a bit of potential creep on previously telegraphed timelines IMO. Last year at the precious metals summit (I think) Richard had said they would probably be getting to look at the ore body at M1 by April next year. If they are only cutting the portal this month they will be going some to reach the ore by the end of next month. Minor issue in the scheme of things though. My biggest issue is that the drills have stopped. If the new feasibilty really shows LOM AISC of just over US$500/oz surley that could flush out an offer. We need to be ready with our best foot forward when the offer comes or we will let a lot of future value slip away. Esh
(20min delay)
