To add to the report being conservative, they did not even include inferred resources in their calculations. Here is what they had to say about that:

Cautionary Note to US Investors: Estimates of Measured, Indicated and Inferred Resources “Measured Mineral Resources” and “Indicated Mineral Resources.” US investors are advised that although these terms are required by Canadian regulations, the US Securities and Exchange Commission (SEC) does not recognize them, and describes the equivalent as “Mineralized Material.” US investors are cautioned not to assume that these terms are any form of guarantee. “Inferred Mineral Resources.” US Investors are advised that while this term is required by Canadian regulations, the SEC does not recognize it. “Inferred Mineral Resources” are not delineated with a great deal of certainty and should not be considered likely to be brought into production in whole or in part.

G.