I posted this on the original Mangaroon drilling announcement and got a lot of push back. I will admit I was wrong, I unfortunately overestimated the resource so I apologise! This deposit is going to be uneconomic - only half of it will make it into reserve (if they’re lucky) and even then you’re looking at >$2200 AISC with all the hoops they will have to jump through. As a shareholder I’m telling you all - do not be fooled, they know this deposit will never fly but they will string it along for a few cap raises. There is no way that a company who has never started a mine before is able to pull off a cheap scoping study for all of what will end up being a <15kOz reserve. There is a reason the shares are massively down on the back of this release.
DRE Price at posting:
1.5¢ Sentiment: None Disclosure: Held
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