The 40c target is measued against current peers including EQX,...

The 40c target is measued against current peers including EQX, which doesn't even have a JORC yet, and who's EV/t is at $0.23 versus EIO's $0.07 (Table 1 in Veritas report).

I don't think too many are here waiting for the mine to be set up in 2015......clearly the game here is a take-over, as Burston and Ariti managed for AKI, where an EV/t of $3.03 was obtained......over 40 times EIO's at this point.