Agreed a discount factor should be applied for the single mine risks
However, with respect, any single mine discount is more than offset by the premium for MLX operations being located in a tier-1 mining jurisdiction with access to a highly trained workforce; established legal and tax framework; excellent working environment and inherently low operational risk of the Renison Tin Operation; outstanding leadership and governance team at MLX; and not forgetting the extremely low geopolitical risk in Tasmania.
Considering the above and the critical mineral status of Tin, I think the discount rate looks good.
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