Ann: Updated Exploration target for the Never Never Gold Deposit, page-39

Good to see some healthy discussion about SPR exploration target.
I have said before I am not overly fond of them (mainly because most of the time they are used, they... are very .... very.... conceptual in nature and usually fall by the wayside of any explorer who uses them), albeit the main caveat is... that when a company that has used them and has met their targets, well... a lot of credibility is on the line. I just don't think SL and his Geo team would put this out unless they believe that is at least 50% achievable.

I would have liked to see some sort of exploration target for FP and WW, even if only to better illustrate that they are confident about the prospects, but... I guess as others have postulated, they just don't feel confident yet.

I have added on the latest OPVM graph.... they had to compress the scale to 100m vs 50m, ha.



So... potentially close to 2m ounces only 1km deep....
700m RL - approx 100m x 1800 ounces = 180,000
800m RL - approx 100m x 2400 ounces = 240,000
900m RL - approx 100m x 2600 ounces = 260,000
1000m RL - approx 100m x 2500 ounces = 250,000
Total = 930,000 ounces or approx 1,882,000 ounces MRE.

Nice to see there will also be some shallow greenfield targets (I assume they are green field, but could also been under drilled targets) drilled in the June Q.
I wonder if that will require another rig.



Is SL being a little cryptic here, or am I just over thinking it?



Another exploration target for Never Never... or... hinting that perhaps Sly Fox might get one? The other look-a-likes?

I remember back to when RMS paid approx $1000 AUD per ounce for what would become approx 230k ounces in reserves for the Penny Asset back in 2020. I expect Never Never to convert approx 60-70%, or... perhaps 1.1-1.3m ounces in reserve, or around $1.1-1.3 billion when compared to Penny, and... I genuinely believe Never Never will be as profitable due to the width of the stopes (NN thick, Penny thin). From memory, I think RRL also paid around $1000 AUD per ounce for it's stake in Tropicana (which was in production, so neither example is perfect).

That ignores the plant, everything else within the Gilbey's complex, or Melville or Glenburgh.

While I do agree that some sort of corporate action could occur, I don't agree that SL would not want to mine Never Never, or give up the company without drilling a lot more holes. But that is just my read on him.