Ann: Updated Exploration target for the Never Never Gold Deposit, page-23

I hear where you are coming from Undaunted , but in the last 14 months of "the 18 month strategic plan " they have added around 600k oz at nearly 7 grams a tonne .

So in one year they have found higher grade/margin ozs than most mid tier 200k oz producers would need for replacement in three years and guessing at around a $25 an oz finders fee (SL's $16 an oz is probably a bit low ) and the wider down plunge and strike looks to be liking hitting fish in a barrel for the future
I will let you do the math on the margin * ozs found and determine from that perspective if they have done a good job outside of the road shows and gin party orgies

"The high grade of 5.8 - 6.9g/t really caught my eye given the current MRE is 5.74g/t with the prior one being 5.85g/t. They must be assuming the very high grade underground resource continues below the current MRE which makes sense given recent assay results."


NN total resource comes in at 5.74 grams a tonne , but the underground is currently around 6.9 grams a tonne (refer page 10 underground chart in the announcement ) so the new target of 5.8 - 6.7 is actually would be below the current UG grade .

My biggest bug bear with SPR is Delphi , not the current execution of strategy.