RoyE, I don't think anyone would strongly dispute your NPV...

RoyE, I don't think anyone would strongly dispute your NPV choices in assessing future gains based on the current mining reserve. It's a reasonable way to conservatively assess risk.

Future interest rates are hard to predict but unlikely to go back to zero anytime soon. However, its pretty clear that with significant infill drilling they can about double that reserve just based on current estimates of the overall resource found so far. Without the obvious potential of the rest of their leases and JVs. All of which can be processed by the Hemi mill in the future, along with some regional concentration plants at places like Withnall to save trucking costs.

The saving from that would make a huge difference and I think a moderate amount of the current SP is based around that potential. I guess we will know if that was a reasonable assumption in 5 years or so once Andy is finally let off the short Hemi leash and allowed to go exploring again .