Ann: Exploration Update - Drilling Recommences, page-35

Lazy calculations shows copper price at $8k USD when initial scope done. At ~$10k now, that's $3000 AUD per tonne of additional value against a MRE of 283KT or A$850m in additional value off the back of the rising copper price. This does not account for the deal with HMX which significantly increases the footprint of two potential open pits which further adds to the original MRE.

I'd suggest the market is still not entirely confident that this will become a miner instead of just an explorer otherwise we should have seen a rapid rise in the share price following the last announcement given the market conditions. If the PFS clearly articulates a viable path to mining, we could see a significant re-rate. Fingers crossed.