MI6 has commenced an 80,000m drilling program to test for extensions to the current resource base at Bullabulling. We see scope for a larger resource, with extensions possible at depth and along strike. MI6 indicated that first results from the drilling program are likely to be released by the end of May. We incorporate a development of Bullabulling assuming a 5.0mtpa open pit operation producing ~140kozpa in our base case. We note that our development scenario is based on a mining inventory of 1.2moz, leaving significant upside should MI6 be able to increase its resource base and delineate a larger reserve than our mining inventory.
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