We haven't had an upgrade to the resource since December and...

We haven't had an upgrade to the resource since December and there has been a lot of results come in from Woodley and Woodley East. The last update had an inferred + indicated at 307K oz at a cutoff of 5g/t. What makes me quite optimistic that the DFS will come in on the high side is the effect of the ore sorting. This will allow them to drop the grade cutoff and chase narrower veins without excessive dilution. Add in all the shears to be drilled and a 500K oz resource does not seem outrageous.

Even at 300K the EV seems far too low given the timescale to the DFS and the very good cash position.