this does not smell right, page-14

Good grief. Here's your Regis example:

"Here’s a practical example with RRL, a producing miner
Market cap = 2,500,000,000
Shares on issue = 454,000,000
$2,500,000,000 ÷ 454,000,0000 = $5.50 (notional share price)
RRL's actual share price COB 26/09/2012 was $5.46"

That is a weird example of how a company is rated relative to JORC and price of gold hal and don't need a geologist to confirm that.

We understand EV/resource increases as a company gets closer to becoming a producer with re-ratings along the way, e.g. PFS should trigger.

Not going to worry about this further, but couldn't let it go without clarifying why I used the term weird. We're all good, in the same boat.