It's not the maths I have a problem with RB, it's how you came...

It's not the maths I have a problem with RB, it's how you came up with the figures you put in your calculator.

How many tonnes/month CAN they extract, an actual number of tonnes is still the unknown as they haven't started digging yet. Example, I WANT to finish my boat this year, but in all likelihood it'll probably be another two years before this actually happens. See, KAB can say whatever they want, but what they have yet to deliver is.. anything.

How many months can they get 20k tonnes out? Maybe they do find a seam with HQ Mn, but what if there's only a few hundred meters of it, they'll chew through that in a few short months, so un-extrapolate that in your calculator, and things look pretty different pretty quickly.

How accurate is the $100 profit, what if it turns out they don't get the margin they hoped for, what if the full details of either the Sino or Noble deal (which we haven't seen yet) really put the heat on KAB.. after-all they are sharp operators according to you and Santoo and they'll want their pound of flesh if they're the ones putting up the cash. These guys are in it for their own stakeholders, not for KAB's benefit primarily.

How would the valuation look if they only got $40 profit per tonne, and they had maybe a short pit life of 2 or 3 years, wouldn't that effect your valuation dramatically? Would it still be commercial for S or N to financially back.

And thinking that far ahead where you consider a high PE...