I stated that the FID DFS economics had be highly de-risked due to higher grade and excess volumes, this is not correct and the more appropriate reason for the de-risking in my mind is that ore grade and mineral assemblage have reconciled well with Ore Reserve assumptions, and slimes are not proving problematic. Tailings are also performing well.
Although volumes were ahead of DFS forecasts (no production was forecast for Q42022), the pro-rata production volumes compared to Q1 DFS forecasts were on the low side, however this difference is explainable and not necessarily indicative of significant issues (explained by factors such as rocky section of ore and minor mechanical failures such as pumps and seals).
The March quarter will be the first full quarter of production and operations staff will have the benefit of a partial quarter under their belt putting them in a good position to get ahead of the minor teething issues which one expects at initial ramp-up.
don't forget tomorrow's webinar which will be a good opportunity to ask questions of Bruce.
SFX Price at posting:
54.5¢ Sentiment: Buy Disclosure: Held
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(20min delay)