I'd strongly suggest you do a bit of reading so you understand what you're investing in if you haven't already started.
You can calculate value off either or a combination of both, and it is common to have several valuations based on different metrics.
Using only Ore Reserves in general is a very short-sighted valuation, particularly for a junior miner or explorer. For majors, no one really cares about their resources because their reserves are generally so large that the resource valuation is immaterial.
Ann: BELL POTTER UNEARTHED CONFERENCE PRESENTATION, page-9
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