Yes or No, page-33

Thanks for this, as it's the first time I've come across the concept of "just in time drilling".

Surely it presents significant valuation risks, though, eg in the case of drilling a hole and coming up with...nothing?

Investors in SLR, thus, have to make certain assumptions that might not be necessary with companies that prove up their reserves in advance. Assumptions carry risk, and risk has a cost.

"...drill as they decline." Do you mean that they drill as grades decline or as the pit floor declines?