What’s quite interesting is that they chose to include only 30%...

What’s quite interesting is that they chose to include only 30% of M&I or 50% of inferred resources. Therefore there is still at least 50% upside on the NPV to extend the mine life beyond 25 years, however I do agree a 12% discounting rate is more appropriate
the omission of the resource rent tax from the scoping study was a blunder.
all in all my view, there is upside that’s not in the PFS even if allowing for a higher discount rate, but there are risks. I think the focus on the headlines which are worse undervalues SVM.