JBY has results out today and at the headline, they look good. Thick intercepts showing strike extent and new mineralised horizons at depth. Grade also appears to outperform the grade of the prior MRE. First thought is that a lot of tonnes and metal will be added to the next MRE update.

To work out if these hits are as good as they look, you have to refresh yourself on the met, which JBY refers to as infrequently as possible. Remembering to think about the met is also a function of understanding how the neighbouring mine processes its ore. The only concise reference to met is in JBY's las MRE in March 2025 as it is used in the gold equivalency calculation. Recoveries in the transitional and fresh as as we call in the biz "fairly shithouse"

If one goes to the table in todays results, you'll notice most of the goods hits are in transitional and fresh rock. The oxide with any notable grade/metal content are few and far between. As such, these hits will add a lot of tonnes and metal that at this stage is not economic to extract. JBY is also doing a scoping study on the oxide and with little growth there in drilling, it'll be a small heap leach operation (assuming they have the space on surface to put the mine).

At this stage thinking about the met may not matter as the stock is going up and many probably won't think beyond the hits and the crude resource upgrade. There will be a time when it does matter.