Based on this PFS, I consider the current SP about right. It...

Based on this PFS, I consider the current SP about right. It places KSN on an equivalent basis to GPR, also a PNG island based developer. GPR is further along in its development and financing but KSN has the WA tenements as an extra bow.
I like the appointment of Mike Wickes as Chairman - good experience there.
It is unusual to include inferred resources in a PFS and they have made an effort to justify this, but unusual all the same and increases valuation risk.
The 30% IRR based on reserves is OK but not as good as other gold developers that I am involved with and so the payback period is longer. They have not stated what spot gold price was used for the 30% with reserves only but for the overall result including inferred resource they used US$1600/oz and US$1900/oz. US$1900/oz is an optimistic figure at present.