Mark,I share your views . This report is ultra,ultra conservative ,IMO.
Dave has indicated that an updated 43-101 will be done this quarter,which ,IMO,will surprise all to the upside.
Initial 43-101 only covered first 77 drill holes.
There are a lot more holes drilled since the initial report.(both infill and exploratory).
I am therefore surprised that BMO has done such an extensive report at this time, pre-judging annual production,etc.,when it is very obvious that the reserves/resources continue to be discovered at depth , length,etc.
IMO,BMO's production data is already far outdated and will need to be updated substantially once the next 43-101 is released.