Fingers crossed, we should have the updated MRE in 4 weeks.
The headline number is important but maybe even more important is the update on the high grade NN/Petter
Indicated ozs (currently 1.1Moz approx):
I'm assuming the ORE and PFS will contain most of the NN/Pepper
Indicated ounces (because of the favourable widths and oversall orebody shape), the instos (and RMS!) are likely to focus on just those ounces. What can we get to in December? SL said there's no more drill results coming relevant to that - the team probably already knows the numbers roughly but given the #1 goal of drilling recently was making that a big number by converting the Pepper inferred ozs and we know more drilling of NN inferred hit good results too. I'm trying not to be too optimistic - is 1.7Moz a reasonable target? The total number of holes in Pepper and NN deeps is not
that high is my only question. On the up side, SL and NJ have hinted that Pepper's grade is likely to increase.
Secondly, I'm assuming Pepper is identical from a met study results POV to NN, (they are saying they are the same composition but awaiting tests) then we should have high recoveries locked in.
I expect that once we know the HG Indicated MRE, the market will start to ask about the rough level of capex. In this vid around 44-45min:
..Matty from MoM said a few weeks back he didn't understand why they didn't raise $300m while the SP was high to fully cover the cost of a restart. That seems high to me, I was thinking $200m max (e.g, looking at CMM's recent investment/plant upgrade presentation). I'll be surprised if SL doesn't start to give us some breadcrumbs in the new year once the MRE update is done - they must have a rough idea by now of the main scenario for the initial restart.
Allie from MoM said she thinks the PFS is likely to be the trigger for M&A activity for Spartan which makes sense I guess. Seems to me also a good chance some institutions who like the Spartan setup - IF they like the timing for gold early next year, will start to take a position (you'd think, just guessing).
As usual these pull backs are hard to watch but the setup feels great from here.
GLA.
(20min delay)