If RMS can converts just 40% of the 'Indicated' resource from Roe & Rebecca (R&R) into reserve that equates to ~920k ounces and if they convert 40% of the 'total' Eridanus Resource into a reserve [most of it is currently in the indicated resource category] that would be another ~420k ounces.
Remember neither of these 2 'resources' in the latest Resource & Reserve statement are included in their reserve (eg; mineable ore that you're confident will return a profit) and their latest Reserve was 1.1m ounces.
So it's not unreasonable for the RMS reserve to more than double by the end of the year (when both those updates are expected) and be into the ~2.5M ounces range. Knowing that MZ operates more on the conservative side for committing capital I'd think he'd want an R&R reserve of at least 1mil prior to committing the development capital towards building a new plant out there. A big few months coming up for RMS.
Ann: 2024 Resources and Reserves Statement, page-27
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