True-investor based sources believe 39 million tons iron -apparently on Baja 14 North alone, for thats where 64 of the 68 drill holes were and they haven't drilled the S 1/2 of Baja 14 yet.
So 39,000,000 times spot of 170 is 6.63 Billion dollars of drill based reserves. Current production is probably 40k or less/month. At 70000 tons /month that would be over 40 years of ore there alone and over time production can increase to over 100k tons/month ,especially when they open the S 1/2 of Baja 14.
And Nazarena could have tremendous production if it has as much as preliminary belief indicates.
The balance sheet is just a snapshot in time as one of the tools used by investors. Long-term investors would also have to consider the estimated reserves,including Nazarena and other concessions which come online,plus up-listing and buyback.
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