There are two main terms that need to be met to satisfy BlackRock.
The FML and the Ore Reserve (JORC Reported Reserves).
The FML release is now beyond our control. It could come any day but most pundits are now resolved to an end of September date.
At the start of Q3 there was a thought that the Ore Reserve may have been released conjointly with the FML.
This was probably due to the belief that both announcements were close to being released at the time.
At no time has AVB indicated that the two would be released together. They have been treated separately in any of the recent announcements. They are also given different expectations as to the timing.
The FML is "anticipated" in Q3 whereas the JORC Reported Reserves is "estimated" for Q3.
While the release of the FML is now beyond our control, we do have some influence on the JORC Reported Reserves. We are paying someone to do this for us and we have also had direct input into it's production.
IMO, AVB will be desperate to release news ASAP to mitigate the growing disillusionment.
I don't expect the FML for a few weeks yet but I would expect the release of the JORC Reported Reserves to come before the FML.
A point to consider is that these two important releases aren't the only conditions to satisfy BlackRock.
We have never been told what the the other conditions are. Can these lesser conditions be satisfied before the release of the FML and JORC Reported Reserves or are they dependent on these two being released first?
Either way, I would expect the JORC Reported Reserves to be released any day now. May be even today.
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