Definition
In mining reporting (like NI 43-101 in Canada), you cannot call a deposit a “Reserve” until you have proven it is economically viable to mine.
- Resource (Inferred/Indicated): We think it’s there, and we know roughly how much.
- Reserve (Proven & Probable): We have drilled it enough to be certain, AND we have done the math to prove we can make a profit mining it.
Investors should always look for “Reserves” rather than just “Resources.”