Tend to agree Pooslice, although maybe they see it as more like Qantas opening a new route.
As with all drill commencements, holders rightly hope for some good news in the near term. A new drilling program in an area described as "metallogenically important and ... closely associated with the position of the Nifty copper deposit" doesn't immediately fill one with confidence, when you consider that MLX has had that mine on care & maintenance since Nov 2019. Still, (i) MLX describes itself as a Tin & Nickel producer, and maybe they're hoping for an offer or at least a supporting partner, (ii) I see they've recently produced a positive evaluation of a new (sulphide) open pit at Nifty, and (iii) Cu price trend looks 'up' to me .... there does appear to be a lot of the stuff in the area, and getting it out could become more cost-effective over the medium term.
ENR Price at posting:
16.0¢ Sentiment: None Disclosure: Not Held
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