Ann: Updated Pre-Feasibility and Expansion Studies, page-10

Looks like even the base case is a big improvement on the original PFS. Current MC is $200M, so trading at a 50% discount to NPV on the updated base case. Great result for the team and shareholders. Hard to believe there are sellers below $2 but I think they will be eaten up shortly. I'm upgrading my estimate from $2 to $3+ once first full quarter mining results are in. Still a heap of blue sky as well, recollect the mine life of 40 years hardly touches the resource (was it 15%, I cannot remember). EMM and HPMS still to come.