RE: 43-101 "does it really take two months to do all those calculations??????"
A valid question, however it takes much more than calculations to compile an NI 43-101 report.
My experience is with oil and gas where we have something called NI 51-101. Similar thing different commodity. I'll draw comparisons between the two.
What happens is that I chew on all the data (structure, stratigraphy, geophysics, geochemistry, core, grade, outcrop, etc) and come up with a geologic model. I then create a number of maps defining structure on top of each zone of interest, gross thickness of zones of interest, net pay in all zones of interest, sweet spots, boundaries/edges of mineralization, etc. based on all this information.
So I have an in house estimate of the reserves in the ground, which I classify as proven(ie. measured), probable (indicated) and possible (inferred).
In the meantime my company has hired an independent reserve auditor company who will take the same data I used and map it themselves.
At some point we'll all sit across the table from each other and compare maps and techniques.
We rarely agree. They've mapped it much smaller than I have, this is because as a reserve auditor they cannot overestimate because we could end up taking a reserve 'writedown'. Bad for both the auditors reputation and for our share price.
So we discuss everything and argue our points and the go back and remap it a little bigger and then we say 'come on guys, you're being too pessimistic; you're only giving us this much in this area? And what about the geophysics in this area, we even sunk a well in there to prove it up' and we go around a few more times. We finally agree on something we can live with and are done.
So imagine going through all this and then getting a bunch more great drill results and core assays. You definitely want these new data incorporated in the 43-101 right?
So now you have to start over again and re-map and re-argue and re-disagree and re-agree.
Finally the report must get written up by the auditors and approved by the company's reserves comittee and the Board of Directors.
THEN IT GETS RELEASED
This is a direct discussion of O&G, I'd assume that mining is not much different.
It's hard to wait, I absolutely agree, but in my mind the timing works.
I continue to be long and patient.
Opa.