Bull shit.The Mac report is built on a conservative approach,...

Bull shit.

The Mac report is built on a conservative approach, using credible revenue and capex expectations. Pretty much in line with what is happening and what we might reasonably expect in the next two years.

They have not saturated the model with exploration, development and income upside expectations, unlike the model under discussion.

Mac have used input information that is well within what I expect, and the model has then done the calculations.

The model under discussion has advanced the program 12 months compared to Mac. It suggests a near perfect project, on target and on budget. Well, good luck with that.

The model has been set up to favour perfection.

I don't think it would positively influence a TO merchant.

If you believe it's the future, go for it. But I will not move on it until I reassess the situation at the end of year. I think the future will be a bit more evident then.

All just MO, of course. J L.