Hi Patrick, The resource is JORC complainant and it is actually a bit larger at 4.7Moz (of which 1.2Moz is free milling ore). I would expect this to grow further with the recent drill results as well as an initial reserve statement in the coming month. Regarding the PFS, it is due next month and the DFS by the end of the year (first production mid next year). The time line is much shorter than usual as most of the infrastructure is already in place which has also significantly reduced the Capex ($25m). Hope this helps. The full report including a more detailed analysis (valuation, risk & upside), site trip to the operation and management interviews is below. http://thesophisticatedinvestor.com.au/coverage-video/?filter=blackham-resources&report=initiation-report-september-2015