Ha, you'd better hope it is a lot higher than 7 million ounces.  I can think of another Canadian company with virtually the exact same market cap as NGM.  They have over 12 million ounces of PGMs+Au in their 43-101, which equates to over 10 million gold equivalent ounces.  So, I'm thinking, unless you want your market cap to fall, you should be hoping for 10+ million ounces in your 43-101.

 

FWIW, the other company is Prophecy Platinum in the Yukon, NKL.v, and they ALSO have 2.6 billion pounds of Nickel, 2.4 billion pounds of Copper (base metals worth far more than the precious metals), and put out a PEA last summer showing a $2.4 billion NPV with a 32% IRR at an 8% discount rate.