Hey Calm,I think SL has been pretty clear about the strategy for...

Hey Calm,

I think SL has been pretty clear about the strategy for SPR in the coming 11 months (yes...11, not 12, as I will explain), though the caveat being, I do think they will start testing more targets than just WW and FP (though... in some ways they continue to be very important, because they seem to have a lot of gold! and bulk U/G ore is just as good as open pit if the grades stack up. SPR is still progressing Melville, which... while an outlier for now, could potentially enable them to not have to undertake a large cutback for perhaps 4-5 years (if NN open pit can provide base load ore for almost 2 years) at the main Dalgaranga pit, and instead just bring online 3 separate ore drives NN, WW & FP, in conjuncture with NN open pit for the initial years (just one of a myriad of possibilities).

The $10m+ decline was put on hold because, the deeper drilling was successful in extending NN. It also enabled SPR to justify expanding their drilling fleet, meaning more metres drilled earlier, versus the decline which would still be being developed.

The recent raising of $25m and how it will be spent, in conjuncture of the funds already at hand:



I expect 2024 will see 2 further MRE updates (perhaps June and November), with the mid year study (but... I think SL has hinted that it is unlike they will push the button on FID straight away, when they keep finding more gold and..... I think this is really important and perhaps forgotten by some, continue to complete infill and extensional drilling to thoroughly future-proof the resource, so that when it's mined, it actually matches what's 'on the can', so to speak, basically emulating the likes of CMM, which I believe have proven that a deposit, is best mined only when the geology is 1000% understood).

SL also recently touched on (but no great detail) how they plan to test the flexure zone and it's surrounds (I feel he was implying that they are excited by it's potential as they get closer to the under the main pit). I expect he will be providing a lot more clarity on that in the coming weeks.

The quarterly itself was clean and covered everything to date (nothing new that I could see anyway).

@albatrosss - I think SPR is making a smart play, drill out like crazy, but... keep the plant 100% ready for either a internal restart, or... if corporate action occurs, enables the eventual owner to quickly bring it online with the capital to support the development. Make no mistake, it's tough going in the mining sector in W.A (sure, some mines are closing like the Nickel, which hopefully will take a little pressure of staffing issues, but, the issues are still there, just read through some of the quarterlies already released). SPR has no operational risk right now, just needs to keep finding gold (which I am confident they will do, though how much is the main question).

Here's hoping that the SPR team start seeing some good cores from the now operating rigs.