Yes, investors will if there isn't certainty about future...

Yes, investors will if there isn't certainty about future cashflows.

With mines in operation, their cash goes up, but resource goes down (i.e. their EV goes down). As you can see, EPS is set to decrease after FY2025/2026, which is why it's important to look for other assets.

	Net Cash			FY2023/2024	FY 2024/2025	FY2025/2026	FY 2026/2027	FY 2027/2028	FY 2028/2029	FY 2029/2030	FY 2030/2031	FY 2031/2032	FY 2032/2033	FY 2033/2034	FY 2034/2035
1	Shares on Issue		1,367,986,850	1,367,986,850	1370722824	1373464269	1376211198	1378963620	1381721548	1384484991	1387253961	1390028469	1392808525	1395594143	1398385331
2	NPAT		$427.40	$417.24	$464.86	$428.82	$369.05	$324.01	$320.94	$224.33	$186.00	$214.29	$172.72	$169.35	$86.79
3	Increase in Cash Assumed (assumed 50% of NPAT)			$208.62	$232.43	$214.41	$184.52	$162.01	$160.47	$112.17	$93.00	$107.14	$86.36	$84.67	$43.40
4	EPS		$0.31	$0.31	$0.34	$0.31	$0.27	$0.23	$0.23	$0.16	$0.13	$0.15	$0.12	$0.12	$0.06
5	Net Cash		$812.60	$1,021.22	$1,253.65	$1,468.05	$1,652.58	$1,814.58	$1,975.05	$2,087.22	$2,180.22	$2,287.36	$2,373.72	$2,458.40	$2,501.79
6	Net Cash per share		$0.59	$0.75	$0.91	$1.07	$1.20	$1.32	$1.43	$1.51	$1.57	$1.65	$1.70	$1.76	$1.79

Please take the above with a grain of salt, there's a lot of conservative assumptions and POG estimates behind it.

I recognise the buyback option if the share price falls, but it's my opinion that purchasing another asset is more important long-term for Perseus.

I'm long ASXRU and am very positive about this company, don't take my remarks as anything other than my honest assessment.