Linshan, it is a function of the finance deal, to the extent...

Linshan, it is a function of the finance deal, to the extent that eventuates. You cannot compare two companies based on share price. You need to look at market capitalisation.

I was at the recent Rising Stars conference, and the MD made it very clear that there was a deep void between the NPV of the Mt Peake project (100% owned) and the TNG market cap. He asked the audience to please consider this.

So, given the NPV of $2.6b, which is based on a resource which is evidently less than the potential, and based on commodity values less than current and anticipated and based on a parity $A: $US, the simple question is then, what if we give up X% (of the project...NB, not the company) to fund the development, what then is the company worth if we simply equate its value to the diminished equity in Mt Peake, putting aside all other assets.

To me the finance deal and off-take agreements are central to any legitimate valuation. When they arrive, we can then debate the answer. I am confident that this will be an exciting debate...put it that way!