Like all other shareholders, I'd like to see a higher SP and MC. That aside, we need to bear in mind this announcement is just the MRE for the Julias deposit.
It's not the project wide update that was promised for this quarter. This announcement states that they are still waiting for 14,000m of results (a quarter of this year's planned drilling based on previous announcements of 60,000m for this year). We all know assay turn arounds have been blown out by COVID, so the delay isn't a surprise.
They also are about to do another 16,000m of drilling (I couldn't tell from the announcement if this is in addition to or part of the 60,000m for this year). Looking back at announcements earlier this year they announced results at Flame tree, Kashmir and Achillies. So MRE update for these deposits are awaiting pending results and further drilling.
So I expect no only a fair amount of news flow in the coming months and next year and MRE updates across the deposits mentioned above and hopefully more. So at some stage all this drilling will be factored into MRE updates for a project wide update. So hopefully we'll a re-rate as the MRE estimates grow.
GML Price at posting:
8.7¢ Sentiment: Hold Disclosure: Held
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