We are expecting a lot of good news to flow in the coming months. From my assessment, MMS is in a strong position during this CV19 period as the daily carrying costs are manageable compared to a mine in production (assuming that mine is shut down). MMS strength is in the weakness of its bigger competitors suffering a bit of a financial loss for this unknown length of time. We should expect a detailed resource report with inferred ore figures (any day now) as well as some more conclusive transportation statements or even contracts as MMS establishes a route to market. From this point they will provide a bankable feasibility study by this time next year, if not sooner, and financing to follow. An important note is that the EAS advisors (the firm MMS has on contract to help secure funding) is one the books for only 8 months, or until near the end of September. Another important note is that recently acquired a grant (see previous NR) from Exploration Incentive Scheme (EIS) which is administered by the Department of Mines. A clear indication that the government has eyes on the Lake Giles project. Funding could come in part or fully backed by AUS gov. to build out this Lake Giles mine.
The most exciting prospect IMO is the 710Mt of magnetite at Lake Giles, expected to be enhanced to +65%Fe which is currently priced around +$100USD/t ($154 AUS). The previous feasibility study put the OPEX in the $50-$60 AUD range. 710Mt x $90AUD/t....
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