You ask... what is holding the SP back/ and what piece of the puzzle are you missing?
The delays in drilling and assays might be partially responsible but, to a minimal extent IMO. Similarly, the slight delay in Ularing drilling would be minimal as far as the SP is concerned.
We have seen an open pit scoping study and a preliminary underground study on the Tura lode which are all very necessary leading to the bigger plays that are yet to come and surprisingly the market yawned at those two developments.
Some of the pre-PFS elements have been completed. So, a lot of serious work has already been completed.
What the market wants is: 1. Further reporting on the planned underground studies on the other high grade lodes; 2. Drilling assays and a planned December resource upgrade; 3. A completed Phase1 PFS due in Q4; 4. Compelling updates as the company moves to a BFS in Q3 2023; and 5. Confidence that the company can progress to open pit mining in 2024 with minimal dilution with Manna cash and an initial open pit production tolling regime.
At some near- term point, (maybe early 2023) we would expect that the company should announce a detailed timetable for initial open pit mining.
IMO, these are the reasons that the SP is yet to move to higher levels. The current SP continues to provide investors, who have longer term time frames, with outstanding entry levels.
AIMO of course and no advice suggested.
Cheers Mulac1
BRB Price at posting:
21.5¢ Sentiment: Buy Disclosure: Held
