SPR spartan resources limited

1.25%

$1.97

To achieve the mid-point of the range ie 6.25g/t for 9.0 mt...

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calmbeforestorm

6,810 Posts.

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12/03/24

15:58

Post #: 72853819
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Originally posted by plough: ↑

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.

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To achieve the mid-point of the range ie 6.25g/t for 9.0 mt gives a resource of 1.81m Oz and working backwards the additional resources (ie 1.81-0.952) needs to be 6.94g/t and for the high range of 6.7g/t for 9.9mt gives 2.132 m Oz requires the additional ore(ie 2.132 less 0.952) to be a grade of 7.75g/t.

The reason I was surprised is due to ehe grade reducing slightly at the last MRE upgrade.

Last edited by calmbeforestorm: 12/03/24

SPR Price at posting: 63.5¢ Sentiment: Buy Disclosure: Held
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Last $1.97		Change -0.025(1.25%)		Mkt cap ! $2.524B

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