Myanmar Metals (MYL) has completed an internal study into an expansion of the Bawdwin open pit. The study has shown the viability for two additional phases of open pit cut-backs, extracting a much higher proportion of the 101Mt polymetallic resource. This will extend the open pit mine life, prior to heading underground, and warrants a review of the scale of the processing plant (from 2Mtpa in the 2019 Pre-Feasibility Study [PFS]). Argonaut sees deep value in the stock following share price weakness in H2 2019. H1 2020 will provide strong newsflow including, ongoing drill results, the Definitive Feasibility Study (DFS) release and most importantly, attaining requisite approvals for development.
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