Valuing a resource discovery

Hi Jonathan – yes, a great Easter and thanks for the kind words RE MM – we’re certainly working hard on it and I m sure you’ll see more developments over time.

The short answer is not really. There are so many variances between individual deposits that it’s hard to give you a simple formula. For example, an open cut mine v an underground mine, deep sea oil, traditional drilling or shale.

I’m not a geologist, I’ve read a number of books on geology over the years but I don’t think it’s really helped. I defer to the experts here with the knowledge that they can look at the reserves through the lens of how hard and costly they are to extract – it’s why we have analysts!