Ann: Trading Halt, page-15

friend just sent me a copy of Petra Capital's updated research note... apparently "discussions with investors indicate this may have been driven by a misunderstanding regarding resource grades and mine life, which remain unchanged."

Seems Petra thought everyone else was inside the tent and understood the 2021 MRE came with a proportional downgrade in grade for the Mine Plan...

Of course, an MRE is not a Mine Plan and many a Mine Reserve is substantially higher grade than the global MRE figure after sub-economic material is removed. I'm a recent tourist not bothered personally, but I have now skimmed the 2021 MRE and there is no indication or even hint that the MRE would translate to a large drop in grade and tonnes into a new mine plan... Relevant summary discussion on impact of 2021 MRE from release below.

You be the judge of just how "pre-released" yesterday's Mine Plan downgrade was...

Obviously Petra gets a lot more info than the market does, talk about where the extra US$10M C1 costs have come from (though they look well undercooked imo). I should note that reading yesterday's release properly would have made clear the update is based on a new mine plan worked up since Apr'21. My bad for missing that point and joining the dots with the 2021 MRE (I didn't know existed) which flagged a new mine optimisation plan. Hat tip @Panda7 for identifying the mine plan downgrade culprit... the 2021 MRE downgrade..