The Prefeasibility Study (PS) showed an overall conversion rate of measured and indicated ounces into reserves ounces of about 52%. But, only 1.465 million of the YGP's total 1.95 million measured and indicated ounces were converted to reserves.

According to management, for its Feasibility Study (FS), Tyhee is working on increasing the conversion rate to possibly as high or higher than 70%, at least for Ormsby.

What's unclear (to me), is how many more total M&I ounces will be considered by the FS.

Well, we do know that nearly 500,000 ounces not included in the PFS will be in the FS. Then there are those additional ounces now eligible as resources due to lower cutoff grades. And, on top of that, there are the yet unkown resources to come from post-PFS drilling at Clan and Ormsby.

Who knows, we might even see reserves north of 1.5 million ounces. That would indeed be a dramatic improvement over the Prefeasibility Study.