Ann: Investor Presentation, page-44

The Bell Potter price target was lowered from $4.10 to $3.30 on the 9th April primarily due to the assumption of a capital raise to restart WL. If we avoid the cap raise via debt and/or project equity sell down, then obviously we are back to $4 (conservative based on the recent base metal price moves) and Canaccord are still at $5. There has been a lot of un-necessary hand wringing lately, because if you look at all of the analysts sum of parts valuation, un-risked values are well above $1bio. The upcoming funding and FID will be key de-risk events and we will take off if good news.