for clarification given hal was talking about a Reserve, rather...

for clarification

given hal was talking about a Reserve, rather than a Resource, there is some assessment of risk, because the competent person must have judged the resource to be economic and have a reasonable expectation that the necessary govt approvals etc will be obtained

but

that does not indicate the profit margin, net of costs etc, other than to say a reasonable return on investment can be expected. So to value the company you must still deduct costs etc

and

my expectation is that the PFS will not produce a Reserve. cost estimates and likelihood of approvals being too uncertain yet
but happy to be corrected/proven wrong on that