I've outlined my rationale for that number. What's yours for a...

I've outlined my rationale for that number. What's yours for a lesser number?

In particular, are you arguing that the project is worth less than the US$2.9bn NPV in the DFS? If so, which parts of the DFS are wrong and what is your basis for challenging it?

As I outlined, my view is the DFS is very pessimistic: it assumes spod prices drop 58% and that there is no resource upgrade. If spod prices hold, there's 2.4x extra value right there. If resource upgrades that's further upside again.

Or are you arguing that the project won't realise (in which case presumably you think the shares are worth nil?)? If so, again what's your basis?

Or do you believe the project is worth the DFS (or more), and will be realised, but LLL will lose its stake? If so, again what's your basis?

Regarding the additional 10% Mali stake at market value: that's the Mali law per the establishment convention. No one expects they'll pay out of pocket, but out of dividends. Even if we assume your implied scenario where that goes for free, 10% impact does not explain us sitting at 1/3 NPV.