Ann: Exploration Decline Commences at Dalgaranga, page-85

Hi Siva, honestly, it's a moving target and SL has already hinted at a reserve well north of 1m ounces.
My guess currently matches this broker snippet put up by @hongkie which puts 1.9m ounces in a mine plan



BUT.. to clarify, not all of that would be reserves, similar to how RMS put out their LOM plans, for example, they currently have a reserve of 1.1m ounces, yet will produce 1.5m+ ounces over 10 years... sound likes magic right... no, RMS simply include inferred material and... an exploration target.



Some of the exploration target, is in their mine plan for FY26, which is just 15 months away.



To be clear, RMS is pretty confident that the Eridanus ounces will indeed be viable and profitable (but they simply have not had time to fully drill it out etc, but then.... that is no different to West Winds and Sly Fox for example).

So whilst Never Never might convert 75% (1.05m ounces) with Pepper likely having 600k above the first flexure zone (450k converted), which nicely sits at 1.5m ounces. Then it's all about how confident they feel about including anything from Four Pillar, West Winds and Sly fox, as things currently stand (the conversion is likely to be lower... perhaps 30-50% would at this stage 150k-250k.

So.... 1.65-1.75m ounces in a mine plan... that excludes the small but highish grade open pit and low grade stockpiles (which could be around 50k).

The double advantage of the 'exploration decline', is that it will enable drilling of West Winds first, then Four Pillars and I assume... Applewood. So it should quickly allow further growth of ounces for the end of any mine plan... as the market does like a 10 in LOM plan.



Please... please remember that my name is.... Speculator, so nothing I post here is to be used for anything other than light reading over a coffee (tea... gin?)!

Interestingly, like RMS, SPR is going to be able to front load the hell out of their mine plan... It will be impressive.... and the market is fully aware... that any further exploration success is a real value driver.... plant can just be throttled a little less etc etc.

Good luck with your investing.