Ann: Maiden Ore Reserve for the Razorback Iron Project, page-268

Correct me if I am wrong or inaccurate but from my research.
https://en.m.wikipedia.org/wiki/Mineral_resource_classification
Probable ore reserve is the second highest level of confidence in terms of digging the stuff up and selling it economically. They have up to 3 Billion plus total indicated and inferred combined resources, 470mill + of which has been elevated to probable ore reserve. Technically they potentially have another 2.5 billion tons of resources some of which may be elevated to probable or even proven ore reserve particularly those in the indicated category.
If people are selling on that then they don’t realise that it is always better to understate then overstate and use conservative values. I have a feeling management is being conservative.