salinas valuation significantly higher, page-17

NSA is a good story and is likely to get bigger.

The facilities are modular so if the later drill programme justifies it the production assets can easily be expanded.

I think the same way on sentiment. Begg is a very good operator and deserves greater credit.

NY could be a pleasant surprise yet. I am very happy that we will have a new operator. I don't think Ivanhoe had their eye on the ball between developing their technology business and scrambling for cash.