Disingenuous? Nah,not at all...
Listen up eight, here's the scoop. Believe it or not, entirely your choice.
They've got a BFS due in Q12026. The BFS is going to build on the PEA. The PEA, which followed their latest resource update, used a gold reserve for the economic study of 635 Koz. That's it, that's all. Forget about the 1.1 Moz. 364 Koz of that (33%) is Inferred category. Can't use Inferred (why, because it's 'inferred') resources in a BFS. So, your starting point is 635 Koz. Maybe the planned drilling is going to target that Inferred material to convert it to Indicated bringing them closer to 1Moz. That's a good plan. And on top of that you've got exploration upside. The potential to extend the current block model to add resources/reserves. And maybe new discoveries from those other inferred breccia pipes. Good stuff. Lots of drilling to be done and potential to grow.
Here's the thing. They're promising the BFS in Q1. How much drilling do you really think they can do in 4 or 5 months, making new discoveries and getting them drilled out to reserve status (requiring mondo, pin cussion drilling)? As an expert in this exact endeavour, I'll tell you.... not much! In the few months they've got before their BFS, I think they'll be lucky to convert half of their Inferred to Indicated and maybe add 10% of the total resource in new material and drill it up to Indicated. So, not sure they'll get their resource up to 1 Moz.
Then, you got GRES. I've used them. A conservative bunch. What gold price you think they'll use for the pit optimizations for the gold reserve for the project? It ain't going to be the $2,900 they used in the last PEA. Uh, uh. So maybe whack that 1 Moz resources down to $700-800 Koz? Probably. Like I say, small, lowish grade project. DIme a dozen...
REE's? What REE's? No surface geochem results released = no significant REE results, at least on surface. Nuff said on that.
And I'm not a 'Yank", You're not Tasmanian, are ya? Tasmania is kind of like our Newfoundland.
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