On drilling with 5 rigs - they may increase the number of rigs in tine.
I also expect them to keep on drilling for the rest of 2024. And won’t be surprised (but do not know) if they do an updated MRE towards the end of 2024 to feed into an update of the FS before FID late in 2024 (ie 2 FS like BGL did fairly close together) they may even defer the mid-2024 FS to late 2024 (this change may require more $ though) - it all depends on the success of the current drilling program which I am hoping is very successful.
At the beginning of the 2023 when they set their strategy, they did not know how big NN was going to be - they exceeded the 600k Oz within 6 months so in my view it is unfair to criticise management for shifting the goal posts - it’s the nature of drilling mineral deposits ie they do not know what they have until they drill and many times, especially when drilling results are very successful, they have no option but to move their strategy.
Would you rather SPR drilling was less successful so they did not have to ‘shift the goalposts”?
SPR Price at posting:
50.5¢ Sentiment: Buy Disclosure: Held
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