The speed which they are progressing with M5 Underground is a little slower than I first thought. Previously it seemed like this might come into production in 2025.
Could potentially be related to the open pit timeline for M5 before they start the portal, or they are just being methodical before committing.
Might also be an element of managing capital spend with Kiaka development at full steam in 2024/5. Probably makes sense to conserve cash and not rush M5 UG if the market isn't giving them too much credit for it anyway.
Ann: WAF delivers M5 South UG Mineral Resource and Scoping Study, page-7
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