Essentially both GXY and TAW/AMAL are very different entities,...

Essentially both GXY and TAW/AMAL are very different entities, and you can't simply take Mount Caitlin to compare with Bald Hill. Remember that GXY has to construct the mine from scratch and that capex spent would have given the asset valuation a huge boost, whereas TAW's capex into Bald Hill is much lower, hence the largely impressive 185% IRR which is a staggering figure.

In my opinion only, there's room for TAW to continue to reduce cost / increase efficiency and have a large area left to explore (current exploration is 10%), plus Cowen which is 100% owned by TAW. I'm not 100% sure how much of Mt Caitlin is explored by GXY, but i believe their resource guide is pretty much confirmed and fixed.

The reason why TAW/AMAL share price is what it is today is because, as of now, the LOM is 3.7 years. If that changes, the valuation is going to change too.

Mark has been in mining for a long time, so if he wasn't confident that we have hit the LOM of 10-13 years as forecasted by Cannacord, would he reduce the drilling rigs from 5 to 1?