The slow march to a +100Mt resource continues... only 4 assays received, where the heck are the rest of them it's been 7 weeks!! Would have been nice to see an update from management regarding the aermag survey. Given that the data only takes a couple of weeks to process, we should get an update on the results imminently.
On the upside, with all of these dimension increases, it looks like a shallow 40Mt reserve will be delivered with ease. The Main 1, West & Sangar Zones alone look like they will host approx. 70Mt. Assuming 70% conversion to reserves, maiden reserve would end up around 50Mt take off 10Mt for shallow weathering and Bob's your auntie, there's 40Mt. The comments about 20 years of mining @ 2Mtpa confirm that the BOD are targeting 2Mtpa @ 20 year LOM for the PFS2. Project financials should be very compelling, particularly if costs can be reduced sub $300/t.
Don't forget about the even bigger zones that will be drilled to an inferred level of confidence and included in the resource upgrade: Danaya, Yando, Sabali, Main Zone 1.
What about the new zone 800m to the west of Yando???
Also note the quality of BGS spodumene ore - very little to zero deleterious mineral contamination i.e. iron, mica & other lithium hosting minerals i.e. petalite compared to a certain listed peer. This should translate into lower processing costs and perhaps a higher value final product as less risk of mica contamination which is a concern for carbonate converters.