Don't disagree that 7 is low and unrealistic. But its slightly less unrealistic than peers at 5.
At 15% probably no junior gets built. If gold bull eventuates (which is the only reason to be buying these things really) then discounts should come in and debt providers will return to the market. They will make their money on hedges but if those hedges are higher than study prices that isn't really a loss to either party vs base case
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- Ann: Quarterly Activities/Appendix 5B Cash Flow Report
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