Ann: MOD Delivers 61% Increase in T3 Ore Reserve to 34.4Mt, page-14

I am not sure we are going to agree on this which is fine, I guess it's just different ways of looking at it.

What I am trying to say is from my perspective there is no $350m NPV until that cash is burnt on development. The NPV calc as you say is outflows and inflow so that $100m cash forms part of the $230m outflow in year zero. It comes and goes. The diluted share base remains behind.

Either way 60c is good upside from here, if it ends up being 70 or 80c I am sure no-one will complain.