Awoonga,
The only point I'd make about your idea of PB producing in 2019 is that I'm not quite sure this is the same sort of build as when a company is commissioned to build something and the engineers et al are salaried employees and things take the time they take. TP has 45 million reasons that he can choose to exercise come 30-JUN-2018. Sure he can exercise them then and wait another year or so before the real value comes in when PB is producing, but I'd suggest this would come at significant personal cost and there would be an extremely high incentive to see that things run on time. Maybe more incentive than the 'usual' build? I guess time will tell.
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Ann: Pedra Branca JORC Resource Upgrade, page-43
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