Unproven reserves refer to quantities of natural resources, such as oil or gas, that are estimated to exist but have not yet been confirmed through drilling or extraction. These reserves are often categorized as "probable" or "possible," indicating varying levels of confidence in their existence based on geological studies and historical data. Investors and companies often consider unproven reserves when assessing the potential value of a resource project. However, since these reserves are not yet verified, they carry a higher risk compared to proven reserves, which have been confirmed through exploration and extraction activities.