Ann: Company Presentation - RIU Explorers Conference, page-16

let me explain what PFS Stage 1 will cover and why it is important to take in consideration rest of the resources in account and not only the ones included in the PFS S1.

Stage1 will include Break of Day, White Heat-Mosaic, Lena and to a lesser extent Big Sky. As this is PFS it needs to use mainly indicated and measured resources with small portion of inferred. This is why the size of the resource of the PFS looks small and many uniformed investors think this is not enough resource.
However, if MGV already proved inferred resource outside the PFS zones then it is not too hard to assume this resource can be converted into indicated and measured later on. Why not now? Well it can be done but how would you like a dilution of another 500m shares as last time I checked they don't drill for free in WA or anywhere else.

So MGV's strategy sounds right to me. Get things going with enough resource for few years and then use the cashflow to drill the shite out of rest of the inferred resources and therefore extend the life of the mine for another 10-15 years. Also, use the cashflow for exploring for new discoveries.

I already explained this earlier and now I just added more color to expand on the consequences to try to drill out too large resource without having cashflow. Money don't grow on trees.