I pretty much agree Calm. OPVM is likely increasing at depth. Simply because the strike length is increasing and as SL mentioned in the presentation, grades are holding (or something akin to that).
Here is what I believe are the 3 different OPVM charts SPR has provided the market (some have been shown many times).
Not my best effort, but... the scale is increasing, so... the first graph is becoming a minnow! Looking forward to seeing an updated one with the next MRE.
I also forgot to touch on SL mention of diminishing returns for Never Never in regards to really deep drilling. He is very aware that the 'market & investors' are after ounces that can be produced over the short to medium term, versus in 10-15 years (I agree, but... also know that the real potential buyers of SPR are very focused on a mine that has 15+ years of mine life). I think its a clear statement that drilling much past 1000m is not justifiable at NN, when they have so many other targets, that potentially can be drilled at much low cost. He touched on the optionality that Sly Fox could possibly add to any mine plan.
That being said, I think... there is still a real advantage to proving beyond all doubt that Never Never is going to ensure any owner will be producing much longer than a decade (so.. a few more deep drills once funding is secured is logical).
Regarding the exploration target. I think it's worth revisiting what was announced just 13 months ago.
They came in handsomely at the top end with NN increasing by approx 650k, or 950k total (plus... though not included, the Gilbey's complex increased by 320k).
2023 Exploration target
I can only assume the new exploration target will cover both Never Never, the Gilbey's complex... and perhaps separately, Sly Fox?
As for what the figures might actually be, perhaps they are waiting for the Sly Fox and... not sure what to call it, 'purple area' results to really set the final figures.
(20min delay)