Petra Research, page-5

Interesting looking project - I did have one eye over here but only just got around to looking a bit further into the project. Grades are good like most VMS deposits, where VMS deposits struggle is generally size and getting an inventory large enough to pay back the large capex to build the infrastructure.

What has struck me with the DFS is that it has modelled an inventory that is 50% above the JORC reserve.. (modelled 12.5mt vs 8.5mt reserve). I didn’t think you could take a ‘bankable’ feasibility to potential financier with an inventory so far in excess of what has been defined as a JORC reserve. My estimates is take out that additional 4mt and the NPV goes to around half of the $310m stated.

Just an observation, project looks really good otherwise, and SP quite attractive at current price. Is there a reserve upgrade coming?