Ann: Presentation - DFS Completed for Lance, page-68

I understand your point, but that's all future possibilities - until it is actually drilled and turned into reserves. So the mine life, per the Boss EFS, is fairly short - 11 years. I agree with you re: NPV; I'm not just looking at a single number, but working out the projected EBITDA and FCF based on the figures in the EFS/DFS's - and that's what tends to disappoint. Both PEN and LOT have fallen post release, and only the fanatical would try to blame it solely on market conditions.

The rest of your post - could not agree more.