Pebble has zero reserves:
https://www.northerndynastyminerals.com/pebble-project/reserves-resources/
The reason their massive resource cannot be converted to a reserve is because there are environmental concerns - as you point out. Therefore, it is unlikely be ever be mined, therefore, it cannot be upgraded to a reserve, and therefore it is almost worthless.
I concede, I picked some pretty ridiculous examples. I was just trying to make a point though. the difference in value per oz between NDM and BGL is 100% down to the fact that NGLs oz's will actually get mined one day, proven by JORC complaint studies.
FYI - Estelle is not in the same watershed as Pebble, therefore it will not end up the same fate at Pebble. The Salmon will be safe from activity at Estelle.
Pebble has zero...
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