Ann: Steam Engine Revised Scoping Study, page-8

you are right. Assuming gold stays high and Hwang stays on time anyone buying at these levels should do well. Funding is relatively low so shouldn’t be too hard. It’s also a pretty simple, straightforward operation - we’re not constructing a complicated plant or anything so once funding is secured there are none of the usual reasons for the timetable to blow out. But Hwang has a record for disappointing me so I’ll be happy to buy in at a bit higher sp once funding is sorted and construction has begun. I would expect spq’s mc to gradually approach the npv as the funding and construction milestones are ticked off.