I think the answer may lie in the proving up of reserves post...

I think the answer may lie in the proving up of reserves post Mashala. Currently they are sitting at around 631MT in the Measured Indicated Inferred (MII) categories.

But have a look at the detail on some. Penumbra and Project X for example have only 25MT each of MII reserves. Compare that with De Wittekrans which has 206MT then you will start to see the potential for increasing the jorc reserve quite across the entire portfolio quite significantly over the next 12 months. Botwswana isn't even included and you would hope the drill program next year should add some significant reserve figures to the bottom line.

I can see them getting quite close to 1000MT quite easily with Penumbra development and proving up some other fields. The Botswana drilling program will hopefully add some more also.

So I don't think there is much in the 1500MT figure quoted apart from proving up reserves in their existing projects post Mashala. Excuse the formatting but you can see what I mean from the gaps in the table below:

Project Gross Insitu Resource Tonnes()
Inferred Indicated Measured
Vlakvarkfontein 17
Ferreira 2
Penumbra 3 14 8
Vaalbank 54
Project X 25
De Wittekrans 157 37 12
Vlakplaats 122
Knapdaar 139
Leiden 12 2 4
Mooifontein 3
Wesselton II 11 5 4
TOTAL 444 58 129
RUNNING TOTAL 631