Bacci … something that you do need to bear in mind is the...

Bacci … something that you do need to bear in mind is the difference between ‘resources’ and ‘reserves’. Having read the POS thread for some time now I’m not sure whether the difference is widely understood.

The question that you asked was whether POS need to JORC more resources. A simplistic answer is: no, we don’t — but we do need to JORC more reserves.

I’ll reference the Mineral Resource & Reserve Table within the AGM Presentation (the last page). That table identifies a total of 401,780t of Nickel in Table 1. That is, POS has 401,780t in the ‘resource’ category. Table 3 identifies 28,300t in the ‘reserve’ category.

So, what is the difference between ‘resources’ and ‘reserves’? In simple terms, ‘resources’ is what is in the ground and ‘reserves’ is what can be (economically) taken out of the ground.

What we need is more in the ‘reserve’ category. That will come, in the process of ‘proving up’ … and, over time.