I can understand why you made the comment below. My own, perhaps...

I can understand why you made the comment below. My own, perhaps speculative view, is that the reserve when it is released will include Pepper - my reasons are firstly, they have deferred the maiden reserve to 2nd half of 2024 and secondly they stated the number 1 priority of the new surface drilling starting in a week or so, is too INFILL and expand Pepper.

So my take is in the next 5 months will drill out a lot of Pepper, declare a further updated MRE towards end of 2024 with quite a lot of the Pepper resource in the indicated level and then quickly release the maiden reserve at EOY 2024. I won’t be surprised to see the MRE update for Pepper by end of 2024 exceed 750k Oz with 75% indicated (the 75% is similar to NN). If these figures are close we may see NN/Pepper indicated be 1.6m Oz (BGL is 1.7m Oz) or higher. On that level of indicated we may see SPR reserve be close to BGL’s 1.34 m Oz or even higher. What makes this great is there will be much more to come and I will not be surprised to see a reserve of 2m Oz by the time they start mining. My own view is that the conversion of NN/Pepper of indicated resources to reserve status will be higher than BGL’s conversion rate due to the much better SPR orebody.

Not sure they will do much more deep drilling at NN to increase resources and confidence level as it seems the quickest and cheapest way to increase indicated status from surface drilling is to target lots more drilling at Pepper. That situation will change when they can drill from the decline.

“NOW to be clear, these are some simple musings, the initial reserve will struggle to match my lofty figures (as Pepper has no indicated yet, but they will be able to quickly change that with more drilling), if it was brought out tomorrow, yet for now.... no clear mention of reserves (SL is keeping his cards tight to his chest).”