In my opinion, the fact that they have not yet converted resource into reserves does not mean that at least some of the resource will make its way into mineable reserves. I agree with you past comments that suggest doubt on taking all of the resource into reserves, but I disagree that non of this resource will find its way into reserves. In my view, that is an unrealistically pessimistic view.
Hence my working off a 5x multiple - I expect we will see some advancement of reserves into resources (even possibly the satellite puts as a blending material).
MGX Price at posting:
40.0¢ Sentiment: Buy Disclosure: Held
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