Rewop, just for speculation. It's really different about every...

Rewop, just for speculation. It's really different about every individual and mostly comes down to shares held. Next year, by the time DFS comes out and would be even improved compared to PFS in some aspects, considering my ARL portfolio size and current SOI, I would go 3bln valuation, 15$ a share. That means they have to buy entire company, not only KNP or particular sulphide areas.

Altough it might seem stupid decision, whole company with 3bln, then I often acknowledge, what's looks beautiful on paper, needs also to be built out which is very long time. And we dont know how much shares ARL has to issue after DFS ( I think at least 300m with current price, depends on loan terms). But just for now, 15$ a share would do very nice. Market is irrational and doesnt take news as we do.

And about share issue after DFS. I think the main money swallow hole will be loan payments while mine is under construction, but again, depends on loan types and terms.