Ann: Toronto Listing Update, page-44

An iron "resource" statement can easily be highly misleading because in order for it to become a reserve, it has to be bankable to sell. This requires:
a) A contract for sale.
b) Low level of contaminants such as P, Zn, Si, and As so that the buyers will even consider buying it.
c) It has to have the correct physical properties so that the buyers will be able to feed it into a blast furnace without the product breaking down physically and constipating the furnace.
d) Facilities to mine, process, and the infrastructure to rail, store, and load on to a ship, the product to market.

Likewise there have been many FBN* "coal mining companies" which have published JORC figures which are absolute bulls##t because the attractiveness of the product to buyers has not even been considered, let alone whether there is (or ever will be) infrastructure to get the product to market.

The BDR directors are tip-toeing very close to the edge of "deceptive and misleading conduct" as described in the Australian corporations law.

* FBN = fly by night.