Ann: Balama Reserve and Resource Update, page-2

The Balama ore reserve was interesting. The TGC% increased to 17.9% but they said they'll get ~19% out to 2047. The higher grades must be near the top as they dig further into the resource. I noticed their grades had increased but thought they may have hit a better pocket and it was temporary. If they get their recoverables to 90% as they hope, both will help lower the C1 costs.

Net loss was only $26.9m which wasn't too bad considering the circumstances. They only averaged a sales price of $661/t for the 162kt sold which is ~$100 below current market prices and ~$180 below 2022 prices. Shipping cost are down somewhere between $150-$200 per tonne.

(162kt x $100) + (162kt x $150) = $40.5m - This doesn't include lowering the C1 costs and they hope to sell a minimum of $240kt this year