Great presentation and I agree with the prioritisation that SL has employed.
That said I am cognisant that SL is a geologist and is going to want to drill and keep drilling. It would be great to see some longer term milestones being presented now. Obviously there is more drilling required at the current time and the company developed and implemented its '365' plan extremely well. But what is the threshold at which the company shifts its primary focus from exploratory drilling to restarting the mill? Previous target was a 5 year + mine plan which you would think the current resource would easily exceed.
I am aware that metallurgy and mine planning is being undertaken in the background but from the current information put to the market it's not clear what catalyst the company would need to turn the mill on. Drilling and exploration is great, especially with the results they are getting but everything costs and everything takes time. The mill needs upgrades and there is still significant capex required to get back into production.
As
@speculator101 mentioned, the deeper NN ounces are unlikely to be mined for a number of years and so at what point do they stop chasing NN and focus on bringing in money that could then fund additional exploration minimising the dilution of holders?
In short, it would be good to know what is the updated 365 plan? What/when is the target for feasibility/FID? After the updated MRE would make sense and if that's the plan it would be good for management to outline this. Based on the recent presentations it isn't clear and future dilution represents a real risk to existing holders if not managed carefully.
To be clear I am not saying they should turn the mill on tomorrow but I think they should have a threshold or an idea of what the trigger is to shift from exploration to production focussed. I am a holder of PDI where management have diluted holders >25% of SOI being focussed on chasing exploration targets instead of focussing on moving to production and the SP has flailed as a result. Obviously that is an apples and oranges comparison but the same risks could be applied to SPR in its current position.
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