The presentation is misleading in that on page 7 it overstates the Reserve confidence as proven when it should be probable. The resource and reserve figures are identical to what was published in 2010, despite having mined more than 1mt of ore.
Moly do not appear to have depleted their resource and reserve due to mining, and need to correctly report what their inventory is. Their reporting does not comply with JORC or ASX requirements.
Be very wary of companies that make mistakes such as this. Shareholders should phone and ask what their depleted reserve is.
MOL Price at posting:
16.0¢ Sentiment: None Disclosure: Not Held
