SL started 10 mins early so I missed half of the presentation....

SL started 10 mins early so I missed half of the presentation. Here is my paraphrasing of his comments in the second half.

I heard him say they are only going to mine the high grade deposits (ie NN, WW, 4P etc) - so the low grade is going to be left in the ground - however not sure what he means by high grade.

He also stated they will mine every rock of the NN deposit - rightly or wrongly I interpreted his comment to imply that the conversion of the resource to a reserve will be very high (ie resource quantum and grade) which what I have been hoping based on my research to date. That accords with previous statements of targeting conversion of over 85% of the inferred resource to indicated and they will have stopes 30m wide (not 5m like other deposits). I note they are already at 74% of NN being indicated and from the image below over 90% to 95% is indicated up to RL350 and the only reason the rest are not over 90% is due to lack of drilling.

In my view this is a very significant statement as it implies the reserve based on the ET will be between 1.45m to 1.8m Oz just on NN and it is most probably open for an extension depth below 1km - maybe for another 1,000m but who knows! BGL reserve is only 1.34m Oz and indicated is 1.7m Oz. Then there is WW, 4P and SF high grade to add. Won't be surprised if they end up with a 2m+ Oz reserve for Dalgangara by the time they start mining. It makes BGL look somewhat poor in comparison. Make your own judgement about what that will do the the SPR SP over time, with an ASIC I expect to be low, compared to BGL MC at $2.2b.

He stated that they will be mining SF shortly but no more insights about SF unless it was in the first 10 mins. His comments and the content in the presentation, etc imply to me that the assays being released for holes 1401 and 1406 will be very good.

He made a point about the ET - we set targets that we can achieve.

He did comment about SPR being a takeover target - my summary of his comments is with the growth in resources they are achieving any company will have to pay a high price or we end up in production.

PS. my son listened as well and noted SL commented that they will only mine high grade and are working on an economic plan for mine restart that will be very profitable.