It's not that I don't think they are fair value or even cheap,...

It's not that I don't think they are fair value or even cheap, it's more the hard slog in front of them and risk involved in starting up production.

The risks are:

The PFS not producing economical numbers.

The terms of a JV and if one can be arranged at all.

The dilution to IDC if a CAPEX needs to be paid for without a loan.

The actual start up of production and cost blow outs.

Delays to any of the above.