BMG Resources Limited (ASX: BMG) has retracted the production targets and forecast financials from its recent Scoping Study on the Abercromby Gold Project, as announced on October 31, 2024. The retraction followed ASX consultations indicating that the Scoping Study, which prioritized a “Fast Payback” scenario, lacked a reasonable basis due to its reliance on a production target with 60% Inferred Resources and 40% Indicated Resources.
Initially, BMG planned to mine Indicated Resources during the first six quarters, with further drilling to upgrade Inferred Resources to Indicated, but ASX Guidance Note 31 flagged concerns over the production target’s heavy reliance on Inferred Resources. Consequently, BMG advises investors against using this study for investment decisions. BMG is preparing an extensive infill drilling program to reevaluate the resource categories, which may support a revised Scoping Study in the future.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
