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Re mining studies- I view the hiring of Peter Cook as an...

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Just4kicks

4,408 Posts.

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03/02/22

10:43

Post #: 59323331
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Originally posted by Countrywriter: ↑

Hi J4K, mining studies are needed to convert and some drilling to increase to Measured and Reserves - but you are right, higher levels of confidence levels on the Resource are missing and vital. This brings me to a topic I long discussed with management and was ignored - not that I am across all of what they see. SO take that into account when listening to my opinion on this.

The incredibly slow management move to mining studies is a major contributor to current market sentiment, specifically on BRB. The decision to delay this back in 2019 and lack of willingness to complete even a preliminary study (pre-PFS) has been a gross error. Highly technical long term players like the large NAmerican funds can see what is invisible to most market participants.

My pleas to take that step were ignored.

This is being rectified, in their time, this year - finally. I have banged on about the economics of deposit scale for a couple of years now, even ahead of their 2019 decision. Bigger is better I get that. Mine economics are thus improved greatly and was no doubt a major factor in their decisions. Timing was bad in 2019 as well (general market), so I get that too. Yet smaller scale numbers for the pit were evident from 2019, so I view that as a management omission. Surely something could have been shared about the company aims for the emerging evidence of a mine under scoping.

There is no doubt that the UG is growing but Covid responses by WA gov have added to issues and drilling and results have been too slow for my liking (and managements). It has been frustrating for all. I am not turning on management at all here. I am just calling it as I see it. I don't suck up or pander but I do prefer to look at the longer term and the half of the glass that is actually full. Yes valuation is now absurd and investors are bloody sick of having their heads smacked on the rocks by the market, an antagonistic investor, economic and political circumstances. I remain confident about management and the geology and the upside.

GLTAH CW

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Re mining studies- I view the hiring of Peter Cook as an indication of intent. You don't start/run multiple mines without being highly ambitious, motivated and having the right skill set.
If we put the money from Manna to good use we'll be in a solid position to get funding to progress to mining.
NXM have 6 rigs heading their way so I hope we have similar aspirations or at least a couple of RC's to add to the DD's and we better be quick to order them in this environment.
I think it's also relevant to note- BC8 nearby have 1,272,000 oz and have secured all major Mill components and plan to start mining in 2022.

BRB Price at posting: 24.5¢ Sentiment: Buy Disclosure: Held
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