looks good punters, page-22

jhu,

The updated resource appears to be more "focused", having a few billion tonnes of average to low grades looks good on paper but unless your BHP then you wont have the bank balance to access it initially. What really matters for juniors with sizeable porphyry copper deposits is what the best 0.5-1Bt looks like and infrastructure required to move into production (and this is why EV/t means squat unless you understand the assumptions given between companies).

Problem is that MNC dont appear to have a higher grade zone at the top of orebody which normally provides a better payback to overcome the initial infrastructure costs. The grade improves under 500m which is what they are targeting in this release but is a bit secondary unless the open pit is profitable. Overall think they will struggle with open pit grades and current moly prices, will remain a good call option for higher prices and exploration potential.