In my own opinion, I like the #'s in the report. I was expecting, maybe a bit more tonnage in the neighbourhood of 45 - 50 million tonnes but the grade is higher than I expected. I think the key differences between Black Thor and Big Daddy will be in our favour. Black Thor is 69.5 million tonnes @ 31.9% - all inferred whereas Big Daddy has 23.2 million tonnes @ 40.66% indicated and another 16.3 million tonnes @ 39.09% inferred. I believe indicated resources are more reliable than those of the inferred variety.

Definitions:

Indicated Resource: Resources from which the quantity and grade and/or quality are computed from information similar to that used for measured resources, but the sites for inspection, sampling, and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for measured resources, is high enough to assume continuity between points of observation.

Inferred Resource: Resources from which estimates are based on an assumed continuity beyond measured and/or indicated resources, for which there is geologic evidence. Inferred resources may or may not be supported by samples or measurements.

So Big Daddy's got roughly 40 million tonnes @ 40% direct shippable ore. You could open pit that for 15 -20 years with little or no added processing and I think that presents a good argument for mining Big Daddy first over Black Thor. A quicker return on investment.

My humble opinion

SRV