ARL vs AUz vs CLQ, page-135

Hi Flip, we do already have reserves defined.

Are you saying they haven't been defined with adequate drilling? That ARL has short cut it's ore reserve definition?

I think it's a fair safe bet that you could change the cut off grade used to define this ore reserve (copied below) of 40Mt @ .09 Co / .82 Ni in order to get the tonnage required for the 2.25 Mt throughout considered at scoping level. Changing cut off grade to increase reserevs is a method practiced by our peers I believe. This does not require more drilling.

Do you disagree?

Do you also believe AUZ has a better orebody, despite such low cut off grades being used (.4-.45 Ni eq with the nickel price set 50% higher than the .8% ARL cut off grade) ? I'd be interested in how you prosecute that argument.

AUZ cut off grade would seem to imply it needs a Nickel price 50% higher than ARL, to make mining enough low grade ore viable, to justify its desired throughout