Well this has come in around about where I expected, I'm glad...

Well this has come in around about where I expected, I'm glad they are above 300kt CuEq. I wasn't confident on Macquarie's number, but was hopeful. I had thought the market had already priced in a MRE miss, so I'm surprised to see this morning's drop. Actually I thought the market might be relieved to see the MRE put to bed with a reasonably solid number, and strengthen accordingly - and maybe it still will.

Interesting to see Plough's comment. I didn't think the overall CuEq was surprising, given the cut-off grades. All 3 deposits have open-pit potential, so there's reasonable tonnage with 0.5% CuEq cutoff applied. Mt Hope Central by itself is nearly half of the resource, it sits at 1.8% CuEq. Its the other deposits that pull that average down.

Speaking of MH - what a good decision to acquire this mining lease for ~$2m last year. Great decision Rob, in hindsight.

What did surprise me is that ND resource is larger than LF. I had thought it the other way around (in fact my calcs had LF almost double ND). Goes to show there's more science to this than a basic spreadsheet.

Looking forward - I remain optimistic on both MH Gap and LF North, the last exploration announcement was encouraging for both (albeit no discovery yet). Though it seems that the exploration work has slowed down while the MRE was being finalised? I understood downhole EM was underway? Looking forward to the next exploration update. The market seems to have forgotten how exciting and prospective the CNB land package is - feel a boost in the arm is needed here.

All IMO.

Cheers,
Dingo.