There is a limit. You'll find the ASX will not allow a SS to be...

There is a limit. You'll find the ASX will not allow a SS to be released with a large portion of the resource classified as inferred. Contact the company, this is coming from the horses mouth. They'll tell you the ASX will flag it is dubious and ramping. There is a reason why no other gold exploration peer does it. All of the SS released have a high portion of the production profile in indicated

DEG - 70.2% Indicated 29.8% Inferred
RXL - 63% Indicated 37% Inferred
TSO - 84% Indicated 16% Inferred
NVA - 74% Indicated 26% Inferred

Now take the above as an expected benchmark on what can be assumed on what AAR can base their SS on. something around 70% indicated & 30% inferred is reasonable.

Re PFS. Only Measured and indicated resource can be used on feasibility studies and subsequent declaration of ore reserves.

It really is this simple of AAR. in the next resource upgrade, they'll need a fair chunk of the inferred resource material upgraded to indicated. It'll ensure a larger production profile for the evaluation period. The SS will appear more robust. However, it's a fraction of AAR's true potential.

The problem is, AAR becomes somewhat stranded. As valuations are so low. Consuming all placement capacity to raise at a discount doesn't really create any real shareholder value and is diluting for the sake of diluting. Unless they can add more ounces had a much lower discovery cost rate. However, at some point AAR will need to undertake mine level drilling which won't really add any new ounces and will just focus on increasing the drill density to convert the resource to M&I.

It'd be best if AAR seeks an exit as there isn't really much point continuing on the current path much longer. AAR won't be be developing or building a mine based on current valuations. Not even AUC is valued high enough to build a mine. Perhaps at $100-120mil it'd be a diff story.