Management expects resource to grow with upgrades "every six months" from here. Drilling is being guided by EM which shows there are new hits to be found. Drill results will be flowing again soon. Hole that we are on at the moment is down to 500m, testing zones underneath the existing metal.
On Greenfield drills: Scope to find new discrete areas, maybe won't double the existing resource, but will definitely grow it.
The Brazil discount on our shares is "way too big" and market cap would be at least two to three times bigger on an Australian project. Reiterated that Brazil, particularly where we are located, has all the same attributes as Australian jurisdiction.
"Strong focus" from senior management on getting return from the iron ore project. Spin out possible, but still looking for offtake to increase value. "We are exploring a whole bunch of things"
CTM Price at posting:
73.0¢ Sentiment: Buy Disclosure: Held
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