Well i'm loosely basing my mid-term view on a NPV of $500m being...

Well i'm loosely basing my mid-term view on a NPV of $500m being the equity value. Really depends on the shares, with approx $1 in the good case and 50c in the diluted 1b shares case. I see further upside and value from the HPA price in the short term, ability to scale into other plants from the ore reserves. I suspect we might see the $40kg for a period of time, but supply and demand will see costs settle at the marginal producer (so lower than our current long term estimate). Will be interesting to get a view on where that'll be, but that'll take some time and being first mover we'll certainly be in a good financial position by the time we have to start fully pricing in that dynamic.