Morgans 26c price target, page-30

Just a point to note on the Morgans Price Target. Its been said already a la Wombat777, but just to highlight further that the valuation on Montepuerte is 50% risked (assigned 50% of its DCF value) and the Balama resource is 80% risked (assigned 20% of its resource value). If the Montepuerte mine continues to de-risk: final offtake, mining licence granted, and funding takes shape, you can expect the valuation to de-risk and we're looking at more like 40c/sh. Much like the numbers that Wombat777 is showing. Getting closer to that point.