Ann: Resignation of Managing Director, page-47

It would not have been easy for Mel running a Company from Melbourne with the operations in Northern NSW and Queensland and borders closed from time to time. In addition planning drilling programs for 2 operations when assay results take ages to be obtained would not have been easy especially with staffing issues related to Covid and border closures. I'm sending him my personal thanks but thank him publicly here.
The latest Hillgrove drilling results clinched the need to consider a significantly larger operation with a possible blending of higher grade material with lower grade. The Little Reef Lode potential may mean that high grade ore will be mined for some years instead!
The Third Wave buying at an average 16.8cps guarantees that Management will only proceed with a significantly larger throughput if it makes economic sense in comparison with what has been proposed to date.
That fallback is initially mining the Syndicate Lode comprises a mineral resource of 318,000 tonnes at 3.8/t of gold and 3.6% antimony and comprises 39,000 ounces of gold and 11,000 tonnes of antimony: ie at current spot prices a gross value in excess of A$310M. We don’t know what the recovery percentage might be.
Given that 3400 metres of ore drives already exist and that Mel has previously stated that the nominal throughput of 250,000 can readily be exceeded, I would imagine the Lode can be mined in 12-15 months.
Mel has also stated that the proceeds from antimony credits (when the antimony price was about two-thirds of its current price) would be sufficient to meet operating costs. Although these costs would have increased, I would think that the increase in the antimony price would more than offset the increased costs.
I appreciate it's frustating to have another delay but I think it will be worth the wait. IMO great investment opportunities are few and far between at the moment and commencing a long term operation may be better done when there is more choice of employees. .