underperformance, page-8

Probably didn't really answer your question.

But a couple of points, I haven't checked on PNA's results for a while but I would suggest they are having success turning resources into reserves rather than making new discoveries.

If there are new discoveries it is likely to just be extensions to the orebody or smaller satellite deposits formed the same setting within the district.

OZL are also having success converting resources into reserves and if you are patient they will have some sort of an upgrade this year. Can anyone remember which qtr they planned to release the resource upgrade?

Regarding increasing annual output, even if they discover another significant orebody they are not going to be able to increase production without significant capital expenditure. That plant at PH is running flatout, I think around 20% above nameplate from memory.

If they discover additional resources it will just have the benefit of adding to overall minelife rather than output.

Yes Zinifex did have the Century mine, which is now an asset of MMG. Despite significant exploration around the district relatively little was found. I think they did find enough ore for another year of feed. Not sure if that has been brought into the schedule though.

But moot point unless you are invested in MMG.

But it brings me back to my earlier point about the low success rate of any discovery, be it greenfields or brownfields.