From the last quarterly we knew some results were expected in...

From the last quarterly we knew some results were expected in June 2022. Narrow timing miss, but the labs are backed up with work.


I'm a bit puzzled by where they are drilling but someone with more experience with E25 may be able to help. The 263Mt resource doesn't need expansion because its >200 yrs worth if mining at circa 1-1.3Mt/yr. There's some sense in taking more of the inferred resource to indicated. If you plan to mine at 3.9Mt/yr and want a 20 year life, you would need 78Mt as a resource and E25 are at 50Mt. Even here, you don't need more than 263Mt at this point in time. This doesn't seem to be in-fill drilling to shift from resource to reserve.

Looking for areas that seem to be rockier with less clay would make sense - particularly if it means existing equipment can hit nameplate. If that's the plan, tell the plan a bit more clearly.

Site sterilisation makes sense. 274, 275 & 276 to the immediate north of the existing operation came back as NSI. I'm guessing they were thinking of locating some plant next to the main road, hence drilling 271, 272 & 273. Hole 273 having 14m @ 11.8% would therefore be a surprise.

BTW the "Team focus" clause is identical to the 26 May 2022 announcement.