Discovery of a high grade zone is exceedingly difficult if you are not sinking holes in the ground.
BMN are not sinking holes in the ground much as thy believe they have enough resource to make a mine, plus sinking holes guarantees higher cash burn without guaranteeing they will find anything worth having.
They dont want to accelerate cash burn and thereby force themselves to do a cap raising at $0.2x.
Based on the above logic I would say theres a higher chance of getting the ML in the short to mid term than finding new high grade zones.
Your call of 12-24 months is probably right for the recovery, assuming nothing gets materially worse (e.g. china, france, england or USA rethinking nuclear)
Discovery of a high grade zone is exceedingly difficult if you...
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