When they did the 2021 resource it was pretty close to the 2018 resource in terms of contained metal in the Indicated category plus the Inferred grade got a lift I think. So it wouldn't have made much difference to their models and hence things just rolled along and no need to report anything new, just a few sentences here and there about optimising the mine plan.
The problem now is they've bumped up the throughput most likely to compensate for the rising opex and because they've bumped up the throughout the LOM has been shortened and Ebitda has fallen by $14m. So not sure what they are going to clarify ! The lower average grade will also be contributing to the increased costs as they have to mine more dirt per tonne of lead.
I think they should be ok though but what Galena needs is the lead price to stack it on a bit to compensate for the increased C1 costs. It's worth holding though but if they don't get it right in the first half of 2023 it will be pretty bad imo. TOHO will likely take another chunk but this time for a song.
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