GRR published its annual Mineral Resources and Reserves update for Savage River, with little a 6.4Mt decrease in Ore Reserves the only notable change, of which about 2.5Mt would be attributed to mining, the balance resource modelling. Not good, but not materially value impacting.

The Definitive Feasibility Study for underground mining also due out this month and of more interest is still on going (in progress). The delay is also a bit of a disappointment but the current price doesn’t factor anything in for this potential project yet so again, not value impacting.

No change on valuation

Disc: Hold in RL + SM