Dr Spok, the issue for me is the lack of future mine plan. Even...

Dr Spok, the issue for me is the lack of future mine plan. Even if the pit runs well and they recover all ore planned from within it I believe that will last another year or two at the most. After that the UG (underground) operations need to be delivering or they need an expanded open pit.

There has been nothing done on UG development so if UG is the plan then there is a certain gap in ore supply from when the pit is completed. If an expanded open pit is the plan then there is a great deal of permitting required for both an increase in tails 'due to lower head grades and more tonnes from an open pit) and the significant increase in waste from an open pit. There may be a gap coming there as well but pits are easier to just throw more equipment at to get somewhere faster.

Your figures could be all correct but there is a significant future capital expenditure on UG development or a larger open pit that I do not think is yet accounted for. Maybe this is what the market is taking into account with the share price?