going forward, page-120

Kalenn

Thank you very much for your reply. My research continues and I am eyeing a long term position as there is obvious upside.

How much upside, I am much more conservative than you, but none-the-less from here I'd still be looking at a 10 fold return at stage 2.

I think generally you have to be careful (i don't do it at all) valuing resource companies using a PE for the fundamental reason that reserves are finite.