Ann: Positive Iris Infill Results for Inclusion in Mandilla PFS, page-2

Nice results - Iris wasn't included in the SS at all so anything derived from this will be additional feed stock that helps push out our total inventory and LOM.

Compared to the existing 0.8g/t MRE for Iris the hits and grade reconciliation looks good. Would expect this supports or even possibly increases that overall grade.

Also looks like between the increase of pit shell pricing from $2,500 to $2,600 (I believe Marc said in recent video - still super conservative but very bankable which I guess is the point) we might even add some ounces here.




I have no qualification in this so just spitballing but if increase in pit shell allows something like this on section 1 then you're adding a pocket at around 1g/t or a little higher around hole 928 and 929 (11 @ 1.15 and 8 @ 0.99) and 17 @ 1.10 down the base from hole 942. The 3 @ 1.88 might not fit in a shell but shows possibility of depth extensions.


Section two appears to have a number of hits inside the existing pit shell and outside modelled MRE. If this is the case then this should be free ounces that go straight to upgrading existing resource.

932 - 9 @ 1.51g/t
941 - 11 @ 1.78g/t
948 - 4 @ 1.53g/t

Considering resource grade as mentioned is 0.8g/t on Iris these would be decent lifts.

We might be able to convert this to 100koz of indicated at 0.9g/t or something which basically adds another year to back end of LOM.

All helps an NPV