Ann: Exploration Update - Manna High Grade Drilling Results, page-9

The economics are mediocre at best. The pegs are near vertical which is what is creating the 23:1 strip ratio.

Capex estimate is $430m. An equity raise at current SP to fund the capex bill would result in having to issue 130% of the register in new shares (I.e. the register would need to increase by more than double).

The PEA also used a spod price of $2,500 which is looking optimistic right now.

Most likely outcome is GL1 gets caught up in the non stop M&A activity at some point (look at the current majors sitting with blocking stakes) but it’s going to have to be at the right price.