NVA

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20.0¢ nova minerals limited

Is the Indicated resource half of the current resource, so over...

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WockaWocka

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28/05/21

13:14

Post #: 53488052
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Originally posted by Olipapa88: ↑

A nice interview with good colors around.

-So we plan to drill 50 000m this year, with a ball park ~230AUD/m cost,that would cost less than ~12million AUD for the year if the cost basis stay similar.

-Our discovery costs to date is 3-4dollar/Oz.Chris said that we expect to stay bellow the 5dollar/Oz discovery cost for the year.That would mean that more than 2 million Oz addition expected by our management to our resource base,or more than 40% increase from where we are today.

-Chris mentioned that we looking to a ~50% indicated category resource with the next resource upgrade.I felt in his wording that its more like a hope than a sure thing,because he changed his wording from the mayority of resource => to a significant part of the resource will be in the indicated category(maybe he also tried this time to not over promise and under deliver later?!)

-The current rate of Drilling with the two diamond rig is ~180-200m/day,or finishing a hole in less than ~3 day,so assuming the third rig will work at similar rates,than in ~5-6 month we will be done with our drilling plan for the year(assuming they didnt started yesterday). This for me means that the global resource upgrade will come most probably next year which as we get closer to the date will be shifted to next year?! ,exspecially as this time we will finally get indicated category resources which generally takes a much more complex longer work than an inferred only work.

Now lets wait for things to get delivered.

-As a personal note i do believe that with the scoping study numbers and the next resource upgrade with a big indicated category will deliver the wished input for a mayor rerate.
Assuming good outcomes from the scoping study(~900US/oz AISC with reasonable capex),and a good resource upgrade(~7Moz or more,with 3-4Moz Indicated cat.).

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Is the Indicated resource half of the current resource, so over 2m Oz or half of the 10m?

i initially took it as 2m in line with some of his comments from earlier in the year where they were aiming at an initial study of a 200oz pa, 10 year mine that hits the 'sweet spot'.

NVA Price at posting: 14.0¢ Sentiment: None Disclosure: Held
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