Hi all,So I received a reply from the company about a couple of...

Hi all,

So I received a reply from the company about a couple of questions in regards to the progress update that might be of interest.

Most responses were pretty standard but my main takeaway from Roger's comments is the two stage ramp up seems to be a very impactful change to the original plans as the initial 3.5m increase to the adit was scheduled to take 10months and also added $7million to the pre-production capital cost which would no longer be required.

This should lead to a positive upcoming update to the PFS as the new approach has the potential to half the debt requirement and also improve the timeframe to stoping and exploration drilling substantially while simplifying the overall mine development.

Obviously this bodes well for the overall metrics but Roger seemed to emphasise the positive impact this has to the overall financial risk as they won't need to rely on nowhere near as much debt for the development so the chance of defaulting or requiring more equity due to ramp up delays etc are minimised.

I believe it shows they are trying to reduce the risk that we'll need an emergency capital raise just prior to commissioning like most new mining projects seem to require these days which is great foresight by management and would be the best result for shareholders. Not that its a given though but its good to see management thinking this way rather than just taking as much debt that they can, going for it and using shareholder equity as a get out of jail free card when things don't go to plan.

Cheers