Ann: Exceptionally Strong Scoping Study Findings, page-29

Let's say the Scoping Study is 80% off target and to the downside (though the data for costs/prices/freight/LOM seem conservatively reported)...

NPV (pre-tax) is $500m less 80% gives $100m.

Let's say average tax rate at 20%, given significant accrued and ongoing deductions/depreciation.

Giving $80million cash NPV.

Divided by c. 243million shares (assuming options vest)

Gives 33c/share in today's dollars.

Could they possibly be 80% off in their scoping study???