@kduvey There are perhaps better comparisons. NDM's pebble does also have a significant reserve, the issue issue is the permitting (catchments and salmon and such), so their reserve isn't quite as good as money in the bank. Also worth noting that BGL's market cap is an outlier and was actually higher before they had any reserves. Yup it's not rocket science, but as a field guy, I respect the knowledge and decisions of those in the field.
Ann: Quarterly Activities Report and Appendix 5B - 30 June 2021, page-122
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