What I like about the current scenario is that increasing geological confidence can now correlate with met confidence. There is already a process plant there that is demonstrated to work in the existing geology. Meaning any work being done to develop an indicated resource can, to an extend, automatically place those ounces in probable ore reserves. Which is probably good enough for investors as the investment capital to mine is 90% sunk already. No real need to punch to proven IMO.
That being said, these guys need to cut the red ribbon already. Then the 1.3moz indicated, tailings and plant asset value can come to our books and we will no longer be trading 800m shares for an on the shelf lithium study, albeit a good one.
MLL Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held