old pirate stage 1 scoping study results, page-9

what I do like is the transparency of the announcement, which is sadly missing from many resource juniors:

"A Scoping Study is not a Feasibility Study. A Scoping Study is based on optimised mine designs,
conceptual parameters, and it utilises general approximations based on similar deposits or mines. Refer
to Appendix 2 for a more detailed review of parameters. It is important to note that Inferred Resources
do not have a comparable reserve definition and hence resource definition requires upgrading (from
Inferred Resource to Indicated or Measured Resource) prior to more definitive feasibility studies."