Ann: Market Update Progress on Bawdwin Pb Zn Ag Cu Project, page-43

the point is the larger JORC is 66% of the mineral grade of the smaller JORC

grade is king

50MT at 2% is better than 100MT at 1% because 1% is more costly to mine & could be uncommercial

similarly, 41.4 Mt at 7.5% Pb, 3.5% Zn, 0.33% Cu and 178g/t Ag at a cut-off of 2.0% Pb is better than 75.9 Mt at 4.6% Pb, 2.3% Zn, 0.25% Cu and 119 g/t Ag

a company wants to highlight its highest grade commercial deposit