Ann: Company Update, page-61

Of course. My point was there are a lot of assumptions in a study. I don't know if they released the study?

$13B+ NPV assumed only IO price changed and nothing else. And is a very lofty expectation to have.

CAPEX is usually very high because infrastructure is needed -- the same reason IO price is high.

BFS release scheduled for 2022. That's a long time to be shaken out. And the direction of IO price can change sentiment and sp easily.

Important to explore the downsides also. Some people will look at blue sky only.