So just throwing out there, and agree that the CoS is pretty irrelevant now as the drill bit is turning and all eyes are on actual facts and updates...
Using Baobab, ERCE CoS of 8% vs IVZ at 6%, but IVZ has applied DHI to get to 15% (i.e. DHI has provided a 2.5 multiplier to the CoS). Could we assume that if ERCE (who didn't consider DHI) that their CoS if DHI was applied is 8%* 2.5 = 20% for Baobab.
Is this an oversimplification? Either way, doesn't really matter the more updates we get.
Cheers, GLTAH.
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