The two issues for GL1 (in my view) are strip ratio (caused by steep plunge) and the $430m capex. Todays ANN whilst showing decent intersections and grades, plays into issue number 1, being strip ratio.
These holes were drilled to 320 degrees consistent with previous holes so you would think that if the extension area had Mineralisation any higher, that some of these holes would have picked that up. I note one of the holes found a smaller intersection close to surface.
If Li prices were making new highs as they were in 2022, these issues may not have dragged down the mkt cap to sub $400m as at today. But now that they have, any dilutionary financing for that capex also becomes a theoretically even larger problem.
not advice DYOR
Ann: Manna Delivers Increased Exploration Upside, page-18
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