WA1’s initial Luni MRE has now been reported. The 200Mt global deposit is an impressive accumulation of potentially economic mineralisation. In our view have a large tonnage global Resource is great on paper, but delineation of high-grade material with strong metallurgical performance remains the main game. We would expect future iterations of the MRE to include greater detail on high grade zones within the resource. Continued success from metallurgical test results will be key to derisking. Entry of a strategic corporate partner could drive further investor interest.
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