I understand you're reluctant to post any predictions that...

I understand you're reluctant to post any predictions that aren't based on the DFS figures so you don't give Cheech and Chong any ammo, but I think its worth reminding some of the new shareholders that the A$390m NPV based on the DFS figures and the current TSP price, is almost unreasonably conservative.

It does not take into account bringing forward the doubling of plant capacity to stage 2. The DFS also assumed stage 2 would cost $29m, not $4m - saving $25m.

The DFS also did not account for the reduced transport costs as a result of moving the plant which has halved the distance between mine and plant to 36km, and the distance from plant to port to 16km from 28km initially.

On top of all of this if the tsp price increases by 30-50% over the next 12 months like some are predicting that would result in the NPV almost doubling.

The $390m NPV being quoted is ultraconservative and based on an outdated DFS - but is based on fact and cant be accused of pumping.

So with finance about to be completed and the company indicating construction will commence in October, anyone getting in at these prices will do very well.