One factor is being unable to quote a Reserve from Inferred resources. They have 700K Oz in Measured and Indicated and will mill 563K Oz of that. Near-mine infill drilling as they open up UG drives, will help convert inferred to reserves at Andy Well, but St Annes is a pit, and pits run on cutbacks and strip ratios so less susceptible to infill drilling and resource upgrades.
58% resource to reserve conversion is pretty good all things considered.
Ann: Expanded Murchison Gold Project Feasibility Study, page-31
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