I don't believe the uplift in resources by 30% is time constrained to before the option execution date. That being the case I"m almost certain we will get it. The reason I believe the lack of time constraint is it says "having taken into account any depletion of Measured and indicated due to mining activities". Obviously, the was no expectation of mining activities before option execution.
So I'm counting the resource uplift bonus anyway even if they take time to upgrade the resource. In terms of upgrading the resource it may well not be drilling that lifts it first it may be Cu a rising and/or Au price.
All IMVHO.
Ann: Havilah-BHP Kalkaroo Work Program Update, page-13
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