PNX's next up, page-29

From the last presentation, "Aim was to increase resource size and confidence to at least Indicated category for both deposits". From the link above, they only mention Indicated. Mister Market obviously knows that an indicated mineral resource, is a deposit in which tonnage, density; shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. However, the continuity of the deposit is not verified.

Indicated is not Measured, Probable or Proven.

The market knows what this is, and is acting accordingly.