Valuation, page-110

I agree with a conservative approach, and you are not wrong that they have not added to resource. but most of the sharemarket has doubled without any news after March. All we can do is try and put a value on what is there and the fact remains they have likely at least $1B profit (minimum) in the ground, with a market cap barely over half of that. Even canccourd who were conservative and valued only on likely indicated (which is the right thing to do) get to 1.35. Yes it has doubled, is it fair value yet, unlikely. I think that explains a lot of recent SP appreciation.

All the infill drilling proved that grades remain, so that confirms for that part of the tenement at least a strong correlation between inferred and indicated. With strike and hosting veins open for many lodes we are just beginning.

ultimately the market decides value, and given our move this week I think they see it in spades.

as you say avoiding dilution will be key. Mgt are talking simple mill to start cash flow early and I therefore think avoiding dilution is top of mind for them also.