company say project will proceed, page-2

I am a strong supporter but there a couple of comments re the $3.80 number.
1. It assumes that PLV will retain 100% ownership with no further diulution - suggest that this is extremely unlikely.
They will need a partner for the capital and then that will surely come with a ownership stake.
2. The $3.80 number is only for Stage 1 - there will be an improved NPV value if extra volume and longer mining term as the capital can get depreciated either against a longer term or EBIT improves as capital depreciated.

For the life of me I just cannot understand why MGX or other party isn't just going to take the whole company over. MGX has plenty of access to capital - It has $400m in the bank as it stands. MGX is very familiar with island mining and they can swing their contractor straight over.

I agree the upside is super and think there is a long way to go BUT I don't expect any true re-rating until 12 months or so