overview, page-7

Nice work.

Hotfire, with respect to your expense line "Development", is this for new capital expenditure?

If so, this expenditure would then be depreciated or ammortised over a longer period (ie, not expensed in one year as per your model) based on accounting standards which I assume would tie into the mine life of the relevant projects or useful asset life for P&E.

Therefore "Development" should be replaced with "Depreciation/Ammortisation" with the result of a much lower annual expenditure figure in your model, which in turn will improve the EPS and therefore increase the shareprice resulting from your earnings multiple.

Cheers