Spartan Resources, page-403

We are on an informal forum and you're harping on about sentence structure.

The MRE will also not initiate a redevelopment phase, that's what the FID is for, H1 24. Due to cost pressures for developers, I'm putting my dollar on the continue drilling decision (assuming the mineralisation is still open come FID). An option Simon has alluded to.

my message is this: MREs are somewhat arbitrary, geostatistics can be manipulated to tell a narrative you want to tell.

What the market should focus on (and MRE bulls) is the conversion of unclassified and inferred to indicated Oz. Confidence in the resource is what drives economic value, not the global resource number inclusive of all rescat groups. Q1 24 I believe we will be updated re this.

exploration upside and market psychology in these scenarios drive value much more than tangible numbers such as MREs. Often (unless you have a tier-1 deposit) providing the market with too many tangibles can prematurely put you at the bottom of the orphan period of the lassonde curve and discount all exploration upside.