You are a classic Undaunted. Just in case your memory is failing you, here is a timeline of what actually happened.
Early 2009 - Bibra discovered.. Dec 2015 - Karlawinda Project acquired by CMM (back then called Malagasy) Feb 2016 - renamed CMM August 2017 - maiden ore reserve (yeah... that is after a lot of drilling!) October 2017 - Feasibility study June 2018 - Updated Feasibility study (ongoing capital raisings... $90m approx within that time period, excluding debt to enable construction to start) New Board appointments throughout 2018-2019 April 2020 - A reserves upgrade (which... as below, enabled a change in the plant throughput and NPV etc) July 2020 - Upscale of plant throughput (notice... that even the best in the business kept changing their LOM plans.... almost like being flexible is a good thing!) July 2021 - First gold pour.
Honestly, I don't see your point. Even if you only focus on the period once CMM completed their first reserves, it was 4 years to first gold and that seems a very strange way to look at it, as CMM drilled the hell out of Karlawinda before they booked their first reserves. Plus, unlike SPR and Never Never, it has 1 single open pit, no U/G development needed, which takes more time, as BGL has proven (years of development to time it correctly with their first gold pour and ramp up).
Never Never was first discovered: Oct 2022 - NN discovered As of today, no reserves locked in yet, but... it's coming. Within the next 3-4 months. That compares well with CMM who acquired their key asset and 18 months later booked it's first reserves (again, they increased the reserves with future updates like SPR plan to do). I think a much more realistic timeline for SPR to hit first gold is July 2025. Could be earlier, could be later, but... what the big end of town care about, is... how profitable the first few years will be and... are the grades actually going to meet reserves. Then, SPR will receive the sort of premium BGL, CMM & EMR get.
Anyway, I appreciate your differing point of view.
SPR Price at posting:
48.3¢ Sentiment: Hold Disclosure: Held
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