IXR (ASX) Ann: Makuutu Scoping Study Webinar

Originally posted by setfire2thehive: ↑

Measured and Indicated it what is interpreted for input into DFS/BFS your output is mineral reserves.

Post #:51451519
What might be missing or omitting from the convo is the classification. Inferred and indicated.

"Long and short is, both can be used for inputs to a SS.
But only indicated/measured resources can be turned into mineral reserves.

So essentially water under the bridge as the SS should (IMO) be able to incorporate inferred resources. However, i have seen SS only use indicated so this might just be something to look out for, but if you read the information it seems to suggest one can use all of it.

People should locate the exact info from the relevant report but the below gives a better laymans term explanation.
http://www.crirsco.com/docs/2_Fundamental_Framework_R_Dixon.pdf

So worth noting that when it's time to do the BFS you can only grab total tonnage from the indicated and measured category to then state a reserve from that."

Note in the above the caution on the resource classification

Post #:49781971 also has some good info.

If you look at most companies whom go through SS -> PFS -> DFS -> BFS this can be 2-5year process. With each susequent study taking 6-12 months. Most co's do 3 of these steps.

By removing the unneccesary rework you can fastrack the SS to BFS down to 2 years. So whilst 2 years for a BFS might seem a long time, it's faster than going through 2 studies prior.

Furthermore, difference between PFS to DFS isthe DFS need high confidence geological inputs. i.e. you need to have the resource drilled to measured/indicated. Inferred is meaningless. So simply having 80mT now to input doesn't mean you can commence a DFS/BFS will get thrown out. You would need to drill the resource out more. IMO, aside from the explicit detail that's required the timeline is reflective (and accurate IMO) it gives the required time for the susequent drilling programs to be completed to have resource to support model.

The only difference between DFS and BFS is the BFS has explicit detail to the financing the project has available.

Most investors in resource companies live a dreamland utopia of this fast-track to production.
Speaking with Tim he constantly talk about doing the right work at the right time. He was pretty adamant on doing the correct drilling, studies, mets etc and ensuring they're showcasing a professional output.

In saying that, the studies themselves are ultimately there to get the capital investment. given the quite low capital intensity there's nothing that may prevent this from coming to fruition prior to a BFS being released. (though i would not bank on that).

My take on the straight turn to BFS is they want the minimum ownership of 60% as per the agreement and secondly don't see benefit in taking 5-6years to go though PFS and DFS when they have a great level of confidence in project.

people must remember that they've already done a SS and are now revising and updating to suit. From November when the first one was sent to ugandan authorities, there will now be another 3-5months worth of work into the updated one. it will be a very detailed SS IMO almost what one would consider PFS quality (less the formalities of what make it).

Post #:47445707

i had a post which had a snip showing the difference in each but can't for the life of me find it.
https://www.rpmglobal.com/wp-content/uploads/mp/files/resources/files/rpm-perspectives-2015-128.pdf

comprehensive document link above should fill in the detail.

pictures for the lazy.

SF2TH

Expand

See below from JORC 2012 code http://www.jorc.org/docs/JORC_code_2012.pdf.

IMHO there was nothing preventing IXR from using all its mineral resources in the SS, as long as appropriately worded cautionary statements were included. The CPs (one for Mineral Resources and another for Mine Design) would have provided the MD with their advice.

I'm in for the longer haul anyway as I believe supply shortages in HREE won't be solved any time soon which makes IXR a stand out proposition. Which is why an insider like Chinalco moved so quickly. I do hope that IXR is engaging with the Japanese and Europeans to introduce some competitive tension.

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