Study on track for June, page-4

Yes love that he is so consistent (sounds better than repetitive - right) with his messaging as it does seem the true impact has been lost in the market.

The bolding is mine for emphasis. Italics is Marc speaking

When talking about the MRE
"We've got the models – they’ve been handed over to us by Cube Consulting. We're now going through the process of running some pit optimizations using the latest cost assumptions that we've got. Given that we're in the process of putting for this pre-feasibility study, we got a number of mining contract cost submissions - we haven't picked the cheapest, we picked the midpoint - and we'll run those through. When the resource estimate comes out we'll be optimizing it at A$3,500 gold price - but using mining and processing costs that are reflective of where our pre-feasibility study is."

And when talking about the PFS
"And we're still focused on delivering the pre-feasibility for the June quarter. And I think what's important for the audience to start to realize is - that our previous resource estimate - we were at 1.27Moz across Mandilla and that was estimated at A$2,500 gold price for the pre-feasibility. We're using A$3,000 gold price for the optimizations for the pre-feasibility study. And in that scenario, A$3,000 gold price for those optimizations versus A$2,500 for the mineral resource, you can see a scenario where almost all of those previous mineral resources are going to mine and come in to the pre-feasibility study. There's going to be a substantial change in the scale of that pre-feasibility study."

This hasn't yet been picked up by the market IMO, because given the scoping study of Nov'23 was done at A$2,750


this significantly changes the NPV (obvious increase in MRE means definite increase in LoM but likely also higher annual gold production) and the annual free cash flow. In the end "value" = PV of future cash flows less some market discount.




It's possible project free cash flow could bust through A$2B
If so we are buying $1value for $0.10price (before discounts etc. and obviously lots of caveats apply) ... it is exciting time though.

Wonder if it can be fast-tracked to production ... capital intensity is low, payback fast ... without Reserves (don't think this MRE will have Reserves but it may have a good deal more Measured & Indicated) its hard to get typical debt project finance but not hard to get a shorter term streaming funding package (Stream, Debt, Equity) like RIO2 did with WPMI for their Fenix project (producing 80Ktpy Au oz Phase 1).

Anythings possible at high Au price.