3P is not more probable than 2P - it is less probable.2P...

3P is not more probable than 2P - it is less probable.
2P includes some proven reserves (90% probability) and some probable reserves (50% probability).
3P = 2P + some estimated reserves (10% probability).

2P is the industry standard for estimating a reserve worthy of going into production.
3P is a blue-sky estimate of what might be possible in the future.

When LCK release the announcement they likely will include the PRMS consultant's report where the breakdown of the 2P & 3P and whatever else they have estimated will be shown in great detail.

The correct way to interpret what's coming (the so-called 2P announcement) is that LCK will be able to demonstrate...

• This is the 2P outcome based on the coal seam where the PCD is operating.
• The rest of the reserve is X big at 3P rating - you can infer from that how big the whole project will be in the future.

Because the 2P and 3P ratings will done by independent experts, the market will have confidence in the results.
In addition, many large investors (funds) will then be able to invest, meaning a much bigger pool of potential investment will be chasing shares.
Also, now that the market cap has exceeded $100 million, this allows other funds to invest as well (they probably will need to wait until the MC has been above $100 million for a period).

IMO
DYOR