Out of all those resources they only need another seven (for two years) or fourteen (for four yers) to convert to reserves. It shouldn't be a big ask but so far signs are not great.
I feel they will definitely extend the mine life - but it not be as investors hope. Mining the lower grade Gingin deposit with > 10km pumping distance will not be a strong economically, and it looks like their best opportunity in Project More might be near the highway which could involve a big relocation expense.
It feels unlikely they can extend the existing mine, with the same economics, for another 2-4 years. if they could this would be a 40c stock.
IMA Price at posting:
20.5¢ Sentiment: Hold Disclosure: Not Held
