hold onto your hats!, page-6

Fishhead. Not sure if your concern is that a reserve has been slow or what's going to go into it. If it's the former, you gotta be patient man. This stuff largely works in series at this stage.

They only just released an indicated resource in November. Remember that a mining reserve can't come from inferred resources. So prior to this resource release, they've been unable to release a reserve.

In brief, a reserve is a resource that has had modifying factors applied to it. Modifying factors include but are not limited to:
- pit optimisation
- metallurgical factors
- mining recoveries and dilutions
- environmental factors
- geotechnical and water factors
- cost inputs
- infrastructure considerations
- permitting likelihood

etc, etc

Notice that a lot of this information will come from the PFS that they are working on. The concern should not be that there's not out yet because in terms of timing they're on schedule considering the impact labs had on them last year. The concern should be on what's going to be contained in there when it comes. What's power going to cost them. How's the met recovery going to be. Is there going to be a significant amount of gravity separation? What's the strip ratio? Is the water in the area significant? How long is the permitting going to take?

etc etc

I think once that information is out there, we'll be able to breathe easy. But I do agree that the lack of it may currently be an overhang on the stock. Once it's out this stock may accelerate.