You are correct - eg BGL have a reserve of 1.34m Oz but a...

A few comments.

1. I have noticed that in previous MREs they included an inferred resource of between 50m and 100m below the deepest hole. You will see this if you look at the following image from the first assays results in January this year - see the dotted line which is the extent of drilling above the bottom of the MRE limit - notice the width between the deepest hole and the limit of the inferred resource varies across the width of the deposit by what seems like 50m- 100m.

If they continue this approach we should see an MRE down to between 1,100m to 1,150m.

The ET of 1.6-1.9m Oz was to a depth of 1,000, and we may see an inferred MRE deeper than 1,000m ie a bigger MRE to maybe 1,150m. However that will be offset by the thinning of the NN deposit at depth. We are unlikely to see an MRE over 1.6m Oz for NN - the grade will be lower than the current 5.74g/t. With Pepper we may get to 1.6m Oz and maybe a bit higher than 1.6m Oz.

2. looking at your image they will have drilled enough to convert most of the 952k oz to indicated status - we may see indicated increase from 700k Oz completed to around 900k Oz maybe a bit less. It does not look like they have completed enough drilling below the bottom of the previous MRE to increase the indicated resources above the circa 900k Oz.

3. The MRE for Pepper will be 100% inferred. Doubt it will be many Oz as drilling is limited. However if they take the same approach as for NN ie project inferred below the deepest hole by 50m to 100m we may be surprised.

Over all with more drilling we may see 1.9m Oz for combined NN and Pepper later this year (assuming NN drilling depth of 1,050m remains unchanged).

It is unclear when they will announce a reserve - the announcement seemed to imply it will not be with the next MRE mid- year but latter this year. If they come out with a reserve close to 900k 1m Oz (I expect a very high conversion of indicated to reserve status) later this year (with more drilling to convert inferred to indicated) we may see an increase in the SP.

You are correct - eg BGL have a reserve of 1.34m Oz but a production profile of 1.85m Oz over 10 years - the production profile exceeds the indicated MRE as well but not by as much. It seems quite common for miners to include some inferred resources in their production profile.