Ann: West Arunta Project - P2 Drilling Update, page-52

How amazing is it that we have access to this type of technology? You can really see that the company is walking the talk. As a geologist I am in admiration at the speed of progress given the remoteness of the location. I can't imagine the logistical issues in servicing drill rigs and getting parts for unexpected breakdowns, which do occur, and often. And there will be many other complications in the isolation.

I count 160-odd drill pads across Luni, largely within the existing footprint which shows there is a focus on producing a maiden MRE. Not that exploration isn't ongoing but the priority looks like development. There appears to be a top tier asset developing here and based on the exploration targeting skills, efficient progress to resource definition, and the adherence to good corporate practice there might be a top tier management developing too?

I've noticed increasing calls for, and speculation toward the release of drill results. Making announcements designed to prime the market is short term thinking, thankfully the company shows no intention of sating the insatiable. News is flowing as it should be. As a project grows, and as geological confidence grows the impact of small subsets of drill data become less important. No one should be surprised that the next round of drill results will include some excellent results. Accordingly, unless there are significant strike or depth extensions to mineralisation, the market will already have anticipated what is coming at Luni. For this reason metallurgical results and the MRE , rather than confirmational drill results, are likely to have more of an impact on how side-line institutional observers or potential suitors view valuation.

No doubt the company is already in possession of relevant drill data but these data are not market sensitive in the way discovery holes are, so the need to release constant updates diminishes . They seem to be doing what high calibre corporates do: generate a meaningful quantum of data, properly analyse it to understand the implications and then inform the market about how the data affect future work. Bravo !, and why I consider WA1 to be in a different league to the garden variety explorer (to date)