Ann: Quarterly Activities Report and Appendix 5B - 30 June 2021, page-123

Pebble has zero reserves:
https://www.northerndynastyminerals.com/pebble-project/reserves-resources/

The reason their massive resource cannot be converted to a reserve is because there are environmental concerns - as you point out. Therefore, it is unlikely be ever be mined, therefore, it cannot be upgraded to a reserve, and therefore it is almost worthless.




I concede, I picked some pretty ridiculous examples. I was just trying to make a point though. the difference in value per oz between NDM and BGL is 100% down to the fact that NGLs oz's will actually get mined one day, proven by JORC complaint studies.


FYI - Estelle is not in the same watershed as Pebble, therefore it will not end up the same fate at Pebble. The Salmon will be safe from activity at Estelle.