In general you’re right to be skeptical of inferred resources, but you also need to look at it on case by case basis and the underlying reasoning. Of the ounces in the inferred category (13%) in the production target, 11% is at the M1S Underground deposit. They’re inferred because of the lower drill density, but from a geological perspective they’re likely continuous with the existing underground deposit. It’s also more practical and cost-effective to drill the ounces out closer to when they are being mined.
Id be more concerned if the inferred ounces were part of the Kiaka mine plan which is inherently more risky (because it hasn’t been mined yet) and has debt attached to it.
WAF Price at posting:
$1.59 Sentiment: Buy Disclosure: Held
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