buyers moving up, page-14

Saracen,

FYI if we assume a 67m share dilution and keeping the other variables constant, the NPV @10% is somewhat better than $3, at around $4.37.

The market will of course apply its own discount in addition to the NPV discount, to factor in the risk. As the project's certainty becomes crystallised (note the fundamentals have remained intact for the last 12 months despite everything else in the world) I would expect this risk discount to improve quickly. Currently we are discounted at a sixth of the projected NPV.