Ann: Quarterly Activities and Cash Flow Report, page-111

I think @surfdown raises an important issue here - one I had overlooked because I’ve been focused almost entirely on phase 1 (given the other phases are redundant without it).

The phase 1 DFS had proven reserves of just ~54k. They seemed to acknowledge this was light on, hence the highlighted bit about significantly increasing for Phase 2:



However when you come to the phase 2 DFS, they’ve only been able to convert ~101k to proven:



Once again the highlighted sentence bears careful reading. @Bikesbeersfooty yes, >70% of the HMW resource is in the ‘measured’ category (higher than indicated and inferred), but this is a ‘resource’ which still has an element of uncertainty. It ultimately should be a ‘reserve’ (‘proven’, rather than ‘probable’) to have full confidence.

Like others I have for a long time been wondering why Galan hadn’t been subject to any takeover offers. Perhaps this uncertainty over resources being converted into proven resources is the answer. @daando37 what do you make of this?