Ann: Conquest to Progress Towards Production at S, page-30

re: Ann: Conquest to Progress Towards Product... SURF,
You seem to forget the difference between RESOURCE and RESERVE. Let me quote from JORC:

=== A ‘Measured Mineral Resource’ is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence.

=== A ‘Proved Ore Reserve’ is the economically mineable part of a Measured Mineral Resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified.

CQT production projctions are obviously based on what they consider 'ecomically mineable,' (as per a first-cut mine plan) which is never 100% of the 'Measured Mineral Resource!’