Key Facts
Resource categories (rising confidence): Inferred → Indicated → Measured
Reserve categories: Probable and Proven
Only indicated and measured resources can become reserves
Inferred resources cannot support a reserve
What to check
Is the headline using “resource” or “reserve”?
What percentage of the resource is inferred?
Has any portion been converted to reserve?
What cut-off grade and metal price assumptions were used?
Is the technical report available on SEDAR+?
TL;DR
Resource is not reserve. Inferred is the lowest confidence category and cannot support a reserve. Always check the technical report, not just the headline.
Commodity Ape is information and commentary, not investment advice. Junior resource stocks are high risk and can lose most or all of their value. Do your own work.