Ann: MLM: Nornico Royalty Agreements to be assigned to AUZ, page-174

Not entirely correct. All ORE Reserves are progressively defined from MINERAL Resources as the project develops and the level of confidence increases by, amongst others, higher drill density and more stringent modelling of ore blocks (many other "modifying" factors as outlined in the JORC code). So a big chunk of the initial mineral resource (60% to 70% is reasonably typical but could be higher/lower) is eventually converted to ore reserve and will be mined - apparently economically mined since that is the definition of ore. Whether the reserve is actually economic to mine and process, is entirely dependent on the technical criteria and assumptions made during the raft of feasibility study phases.

Being a technical expert, I thought you may want to know this.