good news, page-6

I don't really buy the EV argument. If I have equity of $100m, and debt of $1b, the EV is $1.1B, but equity exposure is still the same (i.e. the bank is still owed the $1b). It's what you do with the $1b which gives the leverage to the equity component, if I can use the $1b to create an additional $1b of value, then I have created real value.

The key to getting the debt funding doesn't have anything to do with EV, it simply means we are in a position to obtain (hopefully significant) returns on that debt.

Happy to be proven wrong.

P.S. I really hope we don't get taken over, I want to own this business for the next 20 years + as it has the potential to become a serious world class mine over the next few years.