Ann: Annual Report to shareholders , page-3

Not sure - I have been told you need at least a Probable Ore Reserve to get a BFS and financing, well in Oz at least.
NVI had an Indicated Resource and I assume all the current drilling is to get it to Proven/Probable with a size upgrade hopefully.
Now if the JORC requirement for financing is correct it brings up an interesting point. There was no way the previous FS would ever get financing and management should have known that. Although it could be why they went down the Chinese money path, and that generally turns out bad for other holders.

The Quarterly looks ok, bit worried about the CAPEX thought - bit higher than expected, was thinking around $250M. But if the savings they mention, slurry pipe etc come through it looks much better ok. No mention of OPEX yet - and what would "fixed" components of OPEX be??