That's because most companies upgrade Inferred so they can be...

That's because most companies upgrade Inferred so they can be included in the DFS as reserves. VXR have never got around to doing this because it's impossible or prohibitively expensive or not seen as worth the cost/effort in any case (my guess the latter). In hindsight perhaps, not getting the bank finance they hoped for is proof someone should have bit the bullet years ago and got that difficult drilling done to remove the finance risk etc. FWIW I think the Inferred Resources are solid from a geological perspective, looks very unlikley the grades/widths are not continuous but bottom line for JORC you have to prove it.