"So if I follow your argument - what has happened is that a heap...

"So if I follow your argument - what has happened is that a heap of stuff that was probably low/moderate grade was in the mineral resource as economic(using A$2000 per Oz) but wasn't economic enough to count in a mineral reserve (using A$1450 per Oz)? Or a failure to convert resources to economically mine-able reserves?"

It's a bit hard to disseminate because it's all a bit vague, which makes me speculate it could be worse than it is.

There is no updated Resource/Reserve table or JORC Table 1 accompanying the statement about Mt Carlton, and there's no statement about whether the Life of Mine Plan was completed on Reserves or Resources.

I have no idea about the grade of the material, or whether it was meant to come from the underground or open pit. I don't think whether it was high or low grade was relevant.

" An extensive grade control infill program of 204 drill holes (33,000m) has recently been completed... The improved understanding of the geological controls on grade distribution" informed the change. An important word in that sentence is infill. They already had holes there that they built a resource model around that supposedly had mineable grade in it, then they went and drilled it in more detail. The other important phrase is "geological controls", sounds like there was a poor structural understanding of the deposit. Ultimately, it sounds like they got the previous block model wrong and built a mine plan around it, then discovered that the ore isn't there.