A nice problem, vandeleur, still a serious problem.
First, more drilling - both exploratory and resource definition drilling - is commanded by recent successes extending fun bits NNE from the Jericho discoveries. EM weakens in that direction, which may be either orebody size or depth. Depth isn't a problem if viable orebodies extend to opposite the deep Eloise mine. I don't want to raise false hopes, yet this is tantalising.
Enlarging the concentrator to 20ktpa in easy stages is underway. A bit more resource (that drilling again!) would justify 30ktpa. It would also put A1M in the sights of major miners desperate for more Cu exposure. BHP's bid for AAL is early-stage in this Cu bull market. M&A activity will become frantic.
A1M needs $100m+ for the Jericho boxcut, facilities and tunnelling. Holders rarely like a cap raise, yet this is an attractive investment to be considered on its merits.
Ash.
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