What’s probably key for me here is the reserves used are only from the resources above 955mRL. There are resources in Area5 below this level and also Bell50 sits below this level. As the company states the mineralisation is open at depth.
They are building the ventilation shaft down to 1020mRL by the looks (65m below the depth of where reserves are taken) so I think there’s plenty of scope to add high grade tonnes to the mine plan for minimal capex. I suspect the resources below 955mRL will make its way into the mine plan and into the reserve statement as further drilling and engineering studies are performed. I also expect resources below 955mRL to grow.
Looks like some time before the cash gets proper printed but the new mgmt seem to be very conservative IMO.
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