RE:6 times less averageIf you want to value a mine on the basis of its reserves or resources, the question arises as to whether it's better to start from reserves or resources, and this can make a big difference. For TML, measured and indicated resources are 67,711 million tonnes, generating 2,188 million ounces of gold equivalent, while proven and probable reserves (based on the March 2023 PFS) are established on the basis of 30,319 million tonnes, generating 1,290 ounces of gold equivalent (before recovery). This represents a proportion of less than 60%!