The increased resource was based on lowering the au cut off. In otherwords it doesn't include the additional drilling that they have done over the last 3 or so months and continuing for the rest of the year.
As I said in my previous post, I believe that they are over 2 million ounces. This is based on an analysis of what they are seeing in their drill core. Hopefully, we will still have an announcement before the end of June but it may be drill results only. It will take longer to do the formal updated resource assessment.
By the end of the year, we should be looking at somewhere between 2.5 - 3 million ounces, but that is a bit of a guess and assuming that future drill results are something like the widths and grades they have been getting to date.
It all looks good, but management needs a bit of a kick up the pants for not selling the story more. They should have issued a NPV and timetable for production as they would have these estimates with the BFS. They should also be doing a roadshow as the BFS is one of the key stages of becoming a producer and normally results in a re-rating. But they have to at least get their story out rather than hoping people read ASX announcements.
ADU Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held