Chin up old chap!, they were not looking to expand the resource into new domains, just to better define the resource constrained within the 3 fault system at Wolverine so they can work up a mining reserve for the DFS...as you note the resource remains open at depth and while it looks expensive to access at the moment, you never know what the economics will be once they have built the decline and mined the upper levels.
If they can convert most of the current Wolverine Measured and Indicated resource of 5540kt into Proved and Probable reserves, by my estimate they will have close to a 10 year ore reserve which I suspect will get them over the psychological minimum life of mine barrier in the DFS. Nick Curtis said at the 11/7/23 investor briefing that they were "looking to increase reserves to 42kt REO at 1.25% grade", so at the current Wolverine M&I resource of 5540kt x 1.13% would give them 62.6kt contained REO, comfortably over the N.C. target albeit at a lower grade.
Also of note was the increase of the overall Browns Range resource to 11.7 mt @ .77% for 90.45kt TREO. If they manage to get the contained TREO over 100kt with the new drilling programme at Dazzler they will cross another important psychological barrier.
The ongoing worry for me is NTU's Dragon heavy share register and the AUS government's response to the intransigent divestees...if they ever get off their asses and do something. A bit of certainty with the capital structure going forward and a positive, conservative DFS is needed IMO to make NTU an investable option. GLTAH!!
NTU Price at posting:
2.0¢ Sentiment: None Disclosure: Not Held
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