Yes they are. TAW is a punt on the business record, academic...

Yes they are. TAW is a punt on the business record, academic standing and prior performance of its CEO. Without his confidence, based on his knowledge of this resource from the 1980's, the MCap would be very much lower.

I have read carefully about his history and how he has conducted himself and concluded it is worth the punt. He doesn't exaggerate and he has a history of getting it right. There are good reasons he decided not to go down the DFS route: he didn't need a CR and time to production is critical. The downside is he is asking the market to believe the resource will be there when the further drilling is done.

Possible to argue either side but I'm happy to be in deep on this one. The market has been conditioned by bankers to trust nothing less than a DFS and I'm not sure that's always a sound approach.

The drill will soon tell whether our confidence in Mark Calderwood's judgment is well placed.