JORC resource includes measured, indicated and inferred....

JORC resource includes measured, indicated and inferred. sometimes with a bit of imagination creative geologists even include probable.. so 51,000 ounce jorc resource via an open pit , 30% conversion to a minable reserve is a fair estimate.

and sorry, a small open pit running 80 t excavators, moxies, transporting 30km to Lorena plant (assumed back running) at process cost of say $50-60 per dry tonne...

then dilute the 2.7 g/t, although reserve should optimise it up , drop in a mill recovery and back calculate the units costs , I'm sticking with $2200 - $2400 aud per ounce ASIC

so $2m cash is about 25-30% of NPV undiscounted at todays gold price. as said it's not a steal and when cash is short supply for small cap companies TNC have probably got the better end of deal.

but we (tba) need ore as nobody is going to give us any money to survive let alone get Lorena started and start mining again.