Macro's, mergers, toll treatment aside (as these aren't 100% in...

Macro's, mergers, toll treatment aside (as these aren't 100% in BLK control) investors still need to look at the actual project.

There's 7 months? Ex-pit high grade remaining from pits that have not performed to date. Then Williamson which imo is better but has a large pre-strip and will provide 11 months feed.

Beyond that you are looking at small tonnage underground eg. Not enough for the mill or a large capital raising for a sulphide underground play.

Its a punt on the asset value actually is or if they can pull off a m&a. They will will need help to carry the pre-strip of Williamson.