Drnols asked,

is it expected/normal that the PFS shows reserves of half the M&I?

According to Webb from a third to a half of M&I become reserves delivered in a PFS.

Does the M&I only become officially recognized/upgraded to reserves during an FS?

NO, from a PSF too.

If any junior can only verify half (or actually 40% in this case) of what they say/hope/pray they have in the ground, how/when does the rest of it become legitimized? only once it's pulled out of the ground?

With more Feasibilities Studies, drilling and mining.

thanks for any insight anyone who can provide it. It's just that we've been talking about having 2 million ounces (obviously across the different categories of R, M, I) as we've watched the shares get diluted, and now we face the prospect of this important report only confirming 40% of what we need to have to even (apparently) justify our current sp. I mean, the "market" does typically prove to be right over time. what is it telling us with the plus-30% drop we've had over the last couple months?

Actually there are now about 2.1 Million Gold Ounces in total, most, 1.9 Million are M&I . This issue of "dilution" and what we the shareholders have gotten in return for that will be, I promise you, a big topic on this forum in the near future. Stay tuned.

Tyhee is not alone sinking in this crappy market. Tide is goes in and it goes out. And then there are Tsunamis.

Baires