Ann: DFS Delivers Strong Results on 1st Stage of WBP Development, page-148

You have to take into account tax breaks (you don't pay any tax in S.A whilst not making profit and can expense capex and offset future profits), that they will not raise $43m as it has been confirmed it will be 100% financed for the initial funding requirements, that the POG used was $1750 and with most analyst predicting higher gold price by 2022 (and lower AUS dollar), as well as that the NPV does not take into account the gold in the lost tenements or historic 12moz.

I think the NPV therefore will be much higher when the Main Reef DFS is announced, particularly if they can include the 1moz gold that was lost with border changes, as well as any future drilling they can do (they have stated that they have not tested at depth, where it is expected the bulk of high grade gold is residing).

As to 86mil MC, you need to add in that if you look at the corporate set up their partner does not get 36% of profits, the Mt Cec tenements (nearology play, so too early to evaluate properly), approx. 6mil cash in hand and the fact they got a MR awarded in a tough jurisdiction.

Early initiatives have been communicated, and I believe will be on Monday - it is to get gold to service by this year, and should be min $2mil per quarter. But I agree that not much information has been provided, and best to wait until Monday.