Madmacs - PLS Chart Legend Tribute Month !, page-714

Interesting perspective on the delta-neutral hedging, I'll take your word on it as another dimension of hedging by the instos. I don't think BH are completely sheltered from the underlying collateral in this case the equity component of the mine and the Spod asset in the ground as a guess. Anaconda nickel is a classic example of BH taking a big haircut even though they 'inherited' the nickel assets and the half baked design mine.

My understanding of LOM is based on the size of the resource in JORC speak divided by the yearly production all using DFS defined economic metrics etc. I have never made been able to understand the NPV methodology of justifying an economic value of a resource with so many assume variables. It is to some a standard to define funding etc., out of my league of understanding.

Logically are you against this DFS life cycle of due process in the aspiration of an explorer or specifically in PLS case. What other more credible approach is there? I don't understand why all the negativity on the commissioning of their mine since the BH accepted the risk when buying their corporate or some call it junk bonds.