Geologically, they needed to really have 'Proved Reserves'. A...

Geologically, they needed to really have 'Proved Reserves'. A very basic definition from 'investopedia' (yes, I know), says:

"Proved reserves sit at the top of the scale, at a 90-percent or above likelihood of commercial extraction. Probable reserves are those with the likelihood of recovery for between possible and proved reserves, or over 50-percent but under 90-percent."

Table 9 shows they have 0 proved reserves, but 9.2 Mt of probable reserves. To get big hitters they really need to prove up these probably reserves, but they just don't have the funding - a bit of a catch 22.

Probably wasn't worth putting that Geophys image in, it doesn't mean much with no legend, no processing procedure, and no line spacing etc. Hard to say you have drilled 10% of strike length when you're likely basing it on one VTEM image? Sure the strike is there, but there's no indication it is fruitful without other constraints (i.e. soil samples, geological mapping, mag, grav, IP, etc?

Overall, I am quite happy with the operating margins, mine-life, and also the IRR - it's always hard to get a project up from scratch with no corporate help. Just need a little bit more investment to push the project over the line, and then the aforementioned issues can readily be resolved.