Spot on Helme !!! Can't get funding without a permit. We are where we are due to poor management. The permit expired in the days leading up to the acquisition of Hillgrove. Rookie mistake, poor due diligence. The time it has taken since acquisition till now and no permit- poor management. We can't re-rate because we don't have funding thus derisking the project. Usually post DFS a company has all its permits in order and can seek funding. At this point it is valued at a figure roughly 65% of future discounted earnings I.e. NPV8. Mid case $692 x 0.65=$449.80 million . Divide this figure by the shares on issue and we are $1.10 per share. Based on the above there is no way the management team deserve their performance rights. We are here because of them.
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