Imo the staged approach is probably pretty well locked in now, and does have the advantage that the capex for the second expansion should be able to come entirely from cashflow (or at least much more easily supported debt).
but I agree that a further expansion to close to 30 ktpa now looks inevitable. I would certainly expect it to lag by less than two years.
I am no fan of lots of small kit on site, as this will result in, but in this case it probably makes sense in terms of capital and risk management. Too many small miners get into trouble when something from left field happens (GFC, covid, shaft/wall collapse etc).
Also probably better to see more conversion of resources to reserves before the final decision is taken on the second expansion stage. And meanwhile the Jericho resource will keep growing.
Anyway appreciate reading your well considered enthusiasm.
A1M Price at posting:
40.0¢ Sentiment: Buy Disclosure: Held
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