Ann: 70% Increase in Ore Reserves at Nullagine, page-11

Absolutely. We could argue that a simplistic EV/Resources formula leaves a lot to be desired as well.
New holders coming on board forget that 5 or 6 years ago they had to drop Golden Eagle out of their reserve as the ore wasn't right for the plant. This is being rectified by the expansion plans. That was a few hundred thousand ounces from memory. And it's why the share price tanked years back.
This is without the upside of high grade underground promise.

I'm very comfortable that this will at least double in mine life over the next 24 months inc depletion. That's why i'm here.
8-10 yr life @ 100k pa x 450-500 margin sounds ok to me. If we only invested in stock that was derisked it would be pretty boring and pointless!