As per MW's comment, exciting to "potentially" move resource...

As per MW's comment, exciting to "potentially" move resource from inferred to indicated. This is evolving into something big. IMO once the resource is rerated to indicated in September we will see a major market shift. Could be earlier if the interim resource upgrade post drilling program, hopefully in June, reflects this shift.

"Proven equals Measured plus Indicated.

Measured equals well defined resources as the result of a tight drillhole matrix. Measured resources are assumed to be fully bankable as there is little chance of your assumptions being incorrect due to such tight drillhole spacing.

Indicated equals somewhat well defined resources which have a high certainty of being there but are somewhat less reliable than measured resources as drillhole spacing is much greater than in an area of measured resources.

Probable equals Inferred.

Inferred resources are not based on any drillhole campaign and are an educated guess regarding the mineral reserves in the land base in question. Inferred resources rely on seismic data and an understanding of the geology of the area in question.

As per balance sheets, etc. The market often gives little to no value to inferred resources unless there is a massive ongoing drilling campaign which is expected to convert most of the inferred resources to indicated and/or measured."