To be clear, there are two aspects to mine life that are "in-play".
1. They have Proved and Probable Ore Reserves of 12.4Mt as of 30th June 2023. This is what they are chewing through at the moment and where the 3 years / 2026 end of mine life debate currently sits.
2. In total, they have a stated total of 41.5Mt of Measured, Indicated and Inferred Resources at Koolan. So, about 29Mt of these are not in the mine plan, but they exist and they may come into play if management can identify safe and effective means to access some of these resource tonnes. It is this aspect that could lead to an extension of mine life at Koolan.
If they could theoretically access all of the residual tonnes, it would extend Koolan for another 7 years beyond 2026. Given the embedded investment in infrastructure they have at Koolan, I am certain they are looking at all effective means to safely and economically access at least part of these additional tonnes.
MGX Price at posting:
43.5¢ Sentiment: Buy Disclosure: Held
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