You're exactly right, it's not just about so called ounces in the ground, it's about how many you can economically get out.
SVL a classic example. They always talk up their 396Moz AgEq but look further and only 189Moz of that is actually silver, which again seems quite large, however according to their FS over a 16 year mine life they will only recover 53Moz.
US Consumer Deflation results in BIG SILVER RALLY'S, page-512
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