Jeepers, you really like throwing mud. The capex costs can...

Jeepers, you really like throwing mud. The capex costs can double and the upside is still very, very large. If that's what you find 'especially' the reason for ignoring the BFS then I don't see that you are being rational. And, based on the AN BFS update, capex costs have not doubled.

This is a simple, low-cost business and the company has a very long-life high-grade resource.

It will turn around if they get approvals.

After that it will depend on how well the Exec team progresses this. Melhuish is not planning a particularly fast start but will need cash. You'd expect a raise to be well above current levels after approvals. He's held on for this long so unless the delay gets really further protracted, I can't see him raising at these levels.