Ann: Group Mineral Resources Grow to Over 1.3Moz, page-4

An understatement
Whilst its disappointing to see the overall amount of ounces reduce compared to earlier estimates, clearly they have gone ultra conservative. How else can 85% of the resource, already be in M&I. Even at the current resource, with perhaps 350-380k put into the mining inventory, they could have a mine life of 70k p.a. for 5 years. Any other explorer with Glenburgh alone would be worth $100m. Yet either you are getting Dalgaranga for free, or Glenburgh.

I think the MD is basically saying, that once the drill bit returns, we can start proving up the ounces that used to be included, but due to being ultra conservative, have been removed for now.




Due to the huge amount of studies that have already been undertaken on Glenburgh, if/when GCY decide to look at developing it, the timeline will be far shorter than usual. I assume they will look at tweaking the PFS, then move straight to the DFS. This of course, excluded Mt Egerton and its high grade deposit (small, but.. will be highly valuable). Not long to wait to see what they can indeed prove up.


Should be an interesting day for the sector.