just ask, page-4

Don't you think its a bit late to drill new locations. Pizzaro was the last potential discovery. Probably make more sense with infill on z3, z4 to prove up to indicated/measured. Don't fotget the MORE program that optimise the current z1/z2 to bring down cash cost and increase production. I think they have enough on their plate to justify the bidding as being optimistic rather than fair value even in a doom/gloom scenario because it will take at least 2 years with financing/mine building to coincide with a ramp up in demand by then from new neuclear reactor coming online from China and elsewhere.