Proactive Investors Interview with Julian Hanna, page-8

I guess that is the beauty of having an 11 year LOM already and a project that spits out good free cashflow. We can all see a pathway for that to be extended out over a lot more years and will have plenty of cash to drill it out. If you start modelling $60m NPAT on an 8-10 year multiple (for that you probably want to see LOM extension into the 15-20 yr region) and the valuation goes a lot higher than the DFS NPV. The problem is will waiting to do exploration be too late for shareholders to benefit.