WR1 General Discussion, page-31692

Except that the valuation today is so far below that.
Development - usually comes with some commissioning risk, and the time related to get the infrastructure built.
Yet Renard is fully constructed, requires some adaption.
That is fast forward past go.

Also the value leading into a normal construction cycle has the valuation much higher, building in on the success of the discovery, the permitting, and financing risks all completed. I remind you of the valuation which CXO, and LTR achieved. etc.

There is also the takeover calculation, that a major would eye off our unique advanced largely permitted Renard, and the low risk permit to an Adina quarry, and others that would only need to be a quarry if they were to amalgamate to supply Renard.

Hence the value today, has plenty of appreciation into the value which is associated with a fully de-risked financed, development. That value is tied to its forward earnings. And when elevated such, yes there is a period of decline normally in lou of the impatient and commissioning risk. But we are a long way south of that value climb.