diff --git a/CHANGELOG.md b/CHANGELOG.md
index 9cf0494..a1cf148 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,7 +4,7 @@
 
 - Added per-rig Ralph mode config via `sgt config ralph`, with a normalized Ralph state model in status/plan-state/cockpit output and explicit concurrency-accounting rules for admissible vs support-only vs duplicate lanes.
 - President and rig-activity logic now treat an enabled unmet Ralph condition as active work, emit dedicated Ralph underfill/idle intervention reasons, and keep stale `verified` / `waived` acceptance metadata from falsely terminating plan completion while Ralph remains unmet.
-- Added `test_ralph_mode_latest_main_proof.sh` plus README guidance as the explicit latest-main proof path for Ralph mode, bundling config/state, President supervision, refill recovery, and cockpit visibility coverage.
+- Added a realistic PMKB-style Ralph walkthrough to the README and wired `test_ralph_mode_realistic_rig_example.sh` into `test_ralph_mode_latest_main_proof.sh`, so latest-main proof now covers a documented operator-plausible rig example in addition to the lower-level Ralph regressions.
 - Mayor now auto-refreshes at runtime when the estimated AI prompt exceeds `SGT_MAYOR_AUTO_REFRESH_TOKENS` (default `150000`), using the same handoff/archive path as `sgt mayor refresh` plus a cooldown guard.
 - `sgt status` and `sgt status --json` now expose the latest Mayor prompt-budget estimate and last automatic refresh metadata.
 - `sgt context index` now writes through unique fsynced temp files before `os.replace`, avoiding concurrent rebuild corruption of `~/.sgt/context/<rig>/index.json`.
diff --git a/README.md b/README.md
index d45e159..c854148 100644
--- a/README.md
+++ b/README.md
@@ -248,15 +248,41 @@ Example:
 - Issue `#102` labeled `support-only` does not count unless support lanes are enabled.
 - Issue `#103` labeled `duplicate` never counts.
 
+### Realistic rig example
+
+PMKB is the motivating shape for Ralph mode: the rig should stay active until widened-corpus trading evidence reaches the operator-owned threshold, even if individual candidate lanes go no-go or stale acceptance metadata says the last proof run was green.
+
+Example operator intent:
+
+```bash
+sgt config ralph pmkb \
+  --enable \
+  --condition "Sustain net +1000 USDC on widened corpus with >=3 materially different live candidate lanes" \
+  --target 3
+```
+
+Example board state:
+- Issue `#701` is a live BTC 5m candidate lane with an active polecat.
+- Issue `#702` is a live ETH 15m candidate lane with an active polecat.
+- Issue `#703` is an open SOL follow-up lane with no live polecat yet.
+- Issue `#704` is labeled `support-only` and does not count by default.
+- Issue `#705` is labeled `duplicate` and never counts.
+
+Expected Ralph result:
+- `active_lane_count=2`, `admissible_lane_count=3`, and `backlog_lane_count=1`, so Ralph stays `underfilled`.
+- Plan completion stays pending with a Ralph-specific rollup even if `SGT_PLAN.json` still says acceptance was previously `verified`.
+- President can treat this as a bounded refill case because there is still admissible backlog toward the target.
+
 ### Ralph latest-main proof path
 
-Run this on a fresh checkout of the latest `master`/mainline commit when you want repo-owned proof that Ralph mode configuration, state exposure, concurrency accounting, and bounded refill behavior still work end to end:
+Run this on a fresh checkout of the latest `master`/mainline commit when you want repo-owned proof that Ralph mode configuration, a realistic PMKB-style rig example, state exposure, concurrency accounting, and bounded refill behavior still work end to end:
 
 ```bash
 ./test_ralph_mode_latest_main_proof.sh
 ```
 
 That proof path bundles the checks that matter for Ralph mode:
+- `test_ralph_mode_realistic_rig_example.sh` proves the README's PMKB-style example stays underfilled, blocks false completion, and exposes the expected lane accounting on a latest-main checkout.
 - `test_ralph_mode_config_and_state.sh` proves per-rig Ralph config, normalized state output, anti-false-completion semantics, and admissible/support/duplicate lane accounting.
 - `test_president_runtime_supervision.sh` proves President distinguishes Ralph underfill, idle, and contradiction states and picks the expected bounded intervention.
 - `test_mayor_stranded_zero_worker_recovery.sh` proves controller-side refill logic can top an actionable rig back up toward target live concurrency instead of leaving it quietly idle.
diff --git a/SGT_CONTEXT.md b/SGT_CONTEXT.md
index b855ed7..037014c 100644
--- a/SGT_CONTEXT.md
+++ b/SGT_CONTEXT.md
@@ -1669,3 +1669,4 @@ Required follow-up:
 - re-investigate why the worker exited without producing a PR
 
 ```
+- 2026-04-01T13:28:48+02:00 — 2026-04-01 issue #392: regression coverage now pins Ralph lane issue-number accounting, the non-underfilled anti-false-completion override (declared acceptance waived/verified still forced back to pending while condition is unmet), and President's ralph-idle branch as refresh-not-wake distinct from ralph-underfilled refill wakes.
diff --git a/test_ralph_mode_latest_main_proof.sh b/test_ralph_mode_latest_main_proof.sh
index ec98c03..57a2e5d 100755
--- a/test_ralph_mode_latest_main_proof.sh
+++ b/test_ralph_mode_latest_main_proof.sh
@@ -5,6 +5,7 @@ set -euo pipefail
 
 REPO_ROOT="$(cd "$(dirname "$0")" && pwd)"
 
+bash "$REPO_ROOT/test_ralph_mode_realistic_rig_example.sh"
 bash "$REPO_ROOT/test_ralph_mode_config_and_state.sh"
 bash "$REPO_ROOT/test_president_runtime_supervision.sh"
 bash "$REPO_ROOT/test_mayor_stranded_zero_worker_recovery.sh"
diff --git a/test_ralph_mode_realistic_rig_example.sh b/test_ralph_mode_realistic_rig_example.sh
new file mode 100755
index 0000000..68d5a56
--- /dev/null
+++ b/test_ralph_mode_realistic_rig_example.sh
@@ -0,0 +1,258 @@
+#!/usr/bin/env bash
+# test_ralph_mode_realistic_rig_example.sh — Prove the documented PMKB-style Ralph example on a latest-main checkout.
+
+set -euo pipefail
+
+REPO_ROOT="$(cd "$(dirname "$0")" && pwd)"
+SGT_SCRIPT="$REPO_ROOT/sgt"
+TMP_ROOT="$(mktemp -d)"
+trap 'rm -rf "$TMP_ROOT"' EXIT
+
+HOME_DIR="$TMP_ROOT/home"
+MOCK_BIN="$TMP_ROOT/mockbin"
+mkdir -p "$HOME_DIR/.local/bin" "$MOCK_BIN"
+cp "$SGT_SCRIPT" "$HOME_DIR/.local/bin/sgt"
+chmod +x "$HOME_DIR/.local/bin/sgt"
+
+cat > "$MOCK_BIN/tmux" <<'TMUX'
+#!/usr/bin/env bash
+set -euo pipefail
+active_sessions=",${SGT_TEST_ACTIVE_SESSIONS:-},"
+case "${1:-}" in
+  has-session)
+    session="${3:-}"
+    if [[ "$active_sessions" == *",$session,"* ]]; then
+      exit 0
+    fi
+    exit 1
+    ;;
+  kill-session|new-session)
+    exit 0
+    ;;
+  *)
+    exit 0
+    ;;
+esac
+TMUX
+chmod +x "$MOCK_BIN/tmux"
+
+cat > "$MOCK_BIN/gh" <<'GH'
+#!/usr/bin/env bash
+set -euo pipefail
+
+issues_file="${SGT_TEST_ISSUES_JSON:?missing SGT_TEST_ISSUES_JSON}"
+args=" $* "
+
+if [[ "$args" == *" issue list "* ]]; then
+  if [[ "$args" == *" --json number,labels,title "* ]]; then
+    cat "$issues_file"
+    exit 0
+  fi
+  if [[ "$args" == *" --json number "* ]] && [[ "$args" == *" --jq "* ]]; then
+    python3 - "$issues_file" <<'PY'
+import json
+import sys
+with open(sys.argv[1], "r", encoding="utf-8") as fh:
+    issues = json.load(fh)
+print(len(issues))
+PY
+    exit 0
+  fi
+fi
+
+if [[ "$args" == *" issue view "* ]] && [[ "$args" == *" --json state "* ]]; then
+  echo "OPEN"
+  exit 0
+fi
+
+if [[ "$args" == *" pr list "* ]] && [[ "$args" == *" --json number "* ]] && [[ "$args" == *" --jq "* ]]; then
+  echo "0"
+  exit 0
+fi
+
+if [[ "$args" == *" pr list "* ]] && [[ "$args" == *" --json number,state,title "* ]]; then
+  echo ""
+  exit 0
+fi
+
+if [[ "$args" == *" label create "* ]] || [[ "$args" == *" issue create "* ]] || [[ "$args" == *" issue edit "* ]]; then
+  exit 0
+fi
+
+exit 0
+GH
+chmod +x "$MOCK_BIN/gh"
+
+cat > "$MOCK_BIN/git" <<'GIT'
+#!/usr/bin/env bash
+set -euo pipefail
+exit 0
+GIT
+chmod +x "$MOCK_BIN/git"
+
+cat > "$TMP_ROOT/issues.json" <<'JSON'
+[
+  {
+    "number": 701,
+    "title": "PMKB BTC 5m candidate lane",
+    "labels": [
+      {"name": "sgt-authorized"},
+      {"name": "candidate-lane"},
+      {"name": "btc"}
+    ]
+  },
+  {
+    "number": 702,
+    "title": "PMKB ETH 15m candidate lane",
+    "labels": [
+      {"name": "sgt-authorized"},
+      {"name": "candidate-lane"},
+      {"name": "eth"}
+    ]
+  },
+  {
+    "number": 703,
+    "title": "PMKB SOL widened-corpus lane",
+    "labels": [
+      {"name": "sgt-authorized"},
+      {"name": "candidate-lane"},
+      {"name": "sol"}
+    ]
+  },
+  {
+    "number": 704,
+    "title": "PMKB support metrics cleanup",
+    "labels": [
+      {"name": "sgt-authorized"},
+      {"name": "support-only"}
+    ]
+  },
+  {
+    "number": 705,
+    "title": "PMKB duplicate ETH lane",
+    "labels": [
+      {"name": "sgt-authorized"},
+      {"name": "duplicate"}
+    ]
+  }
+]
+JSON
+
+ENV_PREFIX=(
+  env -i
+  HOME="$HOME_DIR"
+  PATH="$MOCK_BIN:$HOME_DIR/.local/bin:/usr/local/bin:/usr/bin:/bin"
+  TERM=dumb
+  TMP_ROOT="$TMP_ROOT"
+  SGT_ROOT="$HOME_DIR/sgt"
+  SGT_TEST_ISSUES_JSON="$TMP_ROOT/issues.json"
+  SGT_TEST_ACTIVE_SESSIONS="sgt-pmkb-btc,sgt-pmkb-eth"
+)
+
+"${ENV_PREFIX[@]}" bash --noprofile --norc <<'BASH'
+set -euo pipefail
+
+sgt init >/dev/null
+mkdir -p "$SGT_ROOT/.sgt/rigs" "$SGT_ROOT/.sgt/polecats" "$SGT_ROOT/rigs/pmkb"
+printf "https://github.com/acme/pmkb\n" > "$SGT_ROOT/.sgt/rigs/pmkb"
+
+cat > "$SGT_ROOT/.sgt/polecats/pmkb-btc" <<'STATE'
+RIG=pmkb
+REPO=https://github.com/acme/pmkb
+ISSUE=701
+BRANCH=sgt/pmkb-btc
+WORKTREE=/tmp/pmkb-btc
+SESSION=sgt-pmkb-btc
+STATE
+
+cat > "$SGT_ROOT/.sgt/polecats/pmkb-eth" <<'STATE'
+RIG=pmkb
+REPO=https://github.com/acme/pmkb
+ISSUE=702
+BRANCH=sgt/pmkb-eth
+WORKTREE=/tmp/pmkb-eth
+SESSION=sgt-pmkb-eth
+STATE
+
+cat > "$SGT_ROOT/rigs/pmkb/SGT_PLAN.json" <<'JSON'
+{
+  "version": 1,
+  "rig": "pmkb",
+  "policy": { "max_in_flight": 3 },
+  "completion_condition": "Latest-main widened-corpus proof stays above +1000 USDC.",
+  "acceptance": {
+    "status": "verified",
+    "details": "A previous latest-main proof run was green.",
+    "verified_at": "2026-03-31T18:20:00Z"
+  },
+  "tasks": []
+}
+JSON
+
+RALPH_CONDITION="Sustain net +1000 USDC on widened corpus with >=3 materially different live candidate lanes"
+sgt config ralph pmkb --enable --condition "$RALPH_CONDITION" --target 3 >/dev/null
+sgt plan tick pmkb >/dev/null 2>&1
+sgt status > "$SGT_ROOT/status.txt"
+sgt status --json > "$SGT_ROOT/status.json"
+
+grep -q 'ralph: state=underfilled target=3 active_lanes=2 admissible=3 backlog=1 support_excluded=1 duplicate_excluded=1 underfilled=1 condition_status=unmet' "$SGT_ROOT/status.txt" || {
+  echo "expected PMKB-style Ralph status line with realistic lane accounting" >&2
+  exit 1
+}
+
+grep -q 'ralph condition: Sustain net +1000 USDC on widened corpus with >=3 materially different live candidate lanes' "$SGT_ROOT/status.txt" || {
+  echo "expected PMKB-style Ralph condition to appear in human status output" >&2
+  exit 1
+}
+
+python3 - "$SGT_ROOT/status.json" "$SGT_ROOT/.sgt/plan-state/pmkb.json" <<'PY'
+import json
+import sys
+
+with open(sys.argv[1], "r", encoding="utf-8") as fh:
+    status = json.load(fh)
+with open(sys.argv[2], "r", encoding="utf-8") as fh:
+    plan_state = json.load(fh)
+
+mayor_rigs = status.get("mayor_rigs") or []
+pmkb = next((item for item in mayor_rigs if item.get("rig") == "pmkb"), None)
+assert pmkb is not None, mayor_rigs
+ralph = pmkb.get("ralph") or {}
+assert ralph.get("enabled") is True, ralph
+assert ralph.get("state") == "underfilled", ralph
+assert ralph.get("target_concurrency") == 3, ralph
+assert ralph.get("active_lane_count") == 2, ralph
+assert ralph.get("admissible_lane_count") == 3, ralph
+assert ralph.get("backlog_lane_count") == 1, ralph
+assert ralph.get("support_lane_count") == 1, ralph
+assert ralph.get("duplicate_lane_count") == 1, ralph
+assert ralph.get("active_issue_numbers") == ["701", "702"], ralph
+assert ralph.get("backlog_issue_numbers") == ["703"], ralph
+assert ralph.get("support_issue_numbers") == ["704"], ralph
+assert ralph.get("duplicate_issue_numbers") == ["705"], ralph
+
+completion = plan_state.get("completion") or {}
+assert completion.get("status") == "pending", completion
+assert completion.get("rollup") == "ralph-underfilled", completion
+assert completion.get("blocked_reason") == "ralph condition unmet: Sustain net +1000 USDC on widened corpus with >=3 materially different live candidate lanes", completion
+assert "Ralph mode remains active" in completion.get("details", ""), completion
+acceptance = completion.get("acceptance") or {}
+assert acceptance.get("status") == "pending", acceptance
+assert acceptance.get("details") == "A previous latest-main proof run was green.", acceptance
+assert acceptance.get("declared_status") == "verified", acceptance
+assert acceptance.get("declared_verified_at") == "2026-03-31T18:20:00Z", acceptance
+assert "verified_at" not in acceptance, acceptance
+PY
+BASH
+
+grep -q 'Sustain net +1000 USDC on widened corpus with >=3 materially different live candidate lanes' "$REPO_ROOT/README.md" || {
+  echo "expected README to document the realistic Ralph rig example" >&2
+  exit 1
+}
+
+grep -q 'Issue `#703` is an open SOL follow-up lane with no live polecat yet.' "$REPO_ROOT/README.md" || {
+  echo "expected README to describe the realistic backlog lane example" >&2
+  exit 1
+}
+
+echo "REALISTIC RALPH RIG EXAMPLE PASSED"