A decent update by all accounts,
$1.7m in revenue for the quarter at roughly break even.
"The quarter was largely focused on expanding mining operations with the commencement of development works from 8 Level to 7 Level, in order to substantially increase production volumes from McNally Reef"
So next quarter the mine should be running profitably.
Some notable further upgrades of a pumping system, so that Morning Star will be well positioned to further dewater the mine below 10 Level if considered necessary.
Also good to see that they are addressing production issues before the increase in production, and it looks like further improvements to come. Given that we knew about these issues with the plant it is no surprise that MCO had the issues it did.
"Within 8 Level intersection between what are believed to be the McNally and Stones structures has been observed, suggesting a more pervasive and extensive reef system than originally envisaged when development planning commenced at McNally in 2019."
Good to see that the reef size is much larger than originally expected, although I did hypothesise this despite being harassed for this opinion.
Add to My Watchlist
What is My Watchlist?