When we get into production, the valuation goes higher (and...

When we get into production, the valuation goes higher (and would use additional metrics like P/E ratios to ascertain a value).

What if we grow the resource base by another 3 or 4 hundred million tonnes, or progress moving resources into reserves. The immediate exploration targets suggest this is entirely possible.

Plenty of scope to increase value.

Just go and have a good look at Giralia (GIR), particularly the way it expanded it's resource base, and it's share price performance, to see what's possible. With our ready access to infrastructure and markets, we have advantages Giralia never had. These guys got taken out for a cool billion by Atlas.