Ann: Jaurdi Gold Project - Ore Reserve Statement, page-36

Assuming they maintain 30koz/yr, there is still 5 years of production ahead, and assuming they pay the debt thats 5 years of unhedged production at lowest quartile cost profile in what will arguably be the greatest gold boom in history. I am also comfortable they can at least reserve replacement ratio of 1:1 given the lack of previous exploration on this tenement package.

So, Im going to have to say it is not a growth in reserves that is stunting the share price. I'd going to place my bet on the debt. My capital could have been elsewhere during the last 6 months, but were too close to paying down the debt to pull it now.