Vanadis IPO, page-318

Ummm... that is the only thing you wish to dispute from my last post? Or is this the only thing you can try and highlight to try to discredit the whole post?

Have you ever held a mining stock from spec explorer through to production? I have but only once. It was a great experience and learning curve.

Let me explain it to you more carefully, as you do seem a little slow/biased when it comes to questioning the position of the company.

At a very low cut-off of 100ppm, Tiris has 10.2 mt in the measured category. At a higher cut-off of 300ppm, which is still relatively low, Tiris only has 2.1Mt.

Tiris is aiming for 1Mtpa production. This is a very small operation compared to peers.

So.... AEE will need to increase the "measured" portion of the resource to:
1. Decrease risk for funding - this means having a greater measured portion to increase mine life/NPV.
2. Give options for scalability. They have stated they want to get to 3Mtpa. How do you think they can get to this when their "measured" resource is between 2.1-10.2Mt?

Let's flip the argument on its head:
Do you think AEE will conduct any more drilling at Tiris prior to mine construction? If yes, my point stands.

Small hint: Peter says " further increases in the Measured and Indicated categories are possible in the future?. How? Yep... more exploration.

http://www.auraenergy.com.au/investor/ASX Announcements/2018/Tiris Resource Upgrade Success.pdf

Imo, I think they will want to double the current measured resource going forward.