Ann: Ardmore Project Updated Definitive Feasibility Study, page-10

I don't hate it, the decline in NPV is due to the real price pressures that exist in the market. Labor and materials have gone up. This isn't because the deposit is any less valuable. Those price pressures exist for all projects. We've been talking to W.A underground miners who say labor is up 20-30%.

Add some financial leverage and you've easily got a 3-4x opportunity. The next step is to underwrite it with an offtake and things get interesting.