In my opinion, there is a strong possibility we could have a...

In my opinion, there is a strong possibility we could have a formalised $1B Net Present Value on our 51% share of the Bawdwin Mineral Province by release of the DFS - or even, in this current quarter.

As described in the "Updated Study Assumptions" section of the most recent announcement, they are already identifying efficiencies that leverage sunk capital in the area. This will reduce required capital expenditure and boost the reported NPV of the China Starter Pit in the DFS.

The upcoming Scoping Studies on the first two underground mines are aimed at being released this reporting period, and it was stated some infrastructure would not need to be incorporated in these documents because it would already be in place.

All it would take is for the project team to report back, dare I say, a conservative $200m each. But if a copper concentrate can be justified then hold onto your hats.

PFS NPV (51%): approx. A$430m
Scoping Study 1: maybe A$200m
Scoping Study 2: maybe A$200m

Plus improvement in the DFS numbers.