I'd actually be surprised if the resource upgrade was a trigger...

I'd actually be surprised if the resource upgrade was a trigger for a rerate, but it is an essential point along the pathway to increased output at Butcherbird.

The 16 April 2019 resource update was 263Mt. Within this Yanneri Ridge had just over half drilled to Measured and Indicated while all the other deposits remained at inferred. Due to the protocols about what can be included in feasibility studies, the inferred resource is excluded. Mining depletion has had almost no effect in lowering the deposit size to 260.9Mt. The resource is huge but most of it was only drilled to inferred. The resource itself is spread across 8 deposits, two of which are inside the ML. The table below breaks down the 263Mt by deposit (208+55=263).



As per the 2019 Map below, some of the Yanneri Ridge deposit has been drilled to Measured and Indicated but all the other deposits remain at Inferred including Richies and Coodamudgie. The drilling plan that E25 has noted will Convert the rest of Yanneri Ridge to Indicated. It will also take Coodamudgie up to Indicated and the drilling in the bottom left area of Coodamudgi indicates a modest resource size upgrade on that deposit to perhaps ~40Mt. The location of the edge of the deposit will be known with increased clarity following infill drilling and the estimated depth of the seams may change. Most of the drilling is however infill rather than expansion.

Following this drilling E25 is likely to have 130-150Mt at Measured and Indicated. If most of this transitions to P&P then expansion scoping studies can show a >20 year ore reserve even with vastly increased production volumes. Further increases in Measured and Indicated would be possible but probably not needed for many years.