Margin of safety?, page-4

Agreed!

Risks are that IO price could still take a hit but MGX have generally been conservative with their estimates. Cost blowouts could also come into play with mining recovering and labour and equipment costs likely to increase. Usual production delays or under performance etc etc

Seawall or highwall collapse would be a risk but there would have been extensive geotechnical analysis performed as well as insurance

I think there is upside to most of their assumptions and I personally think cashflow will be through the roof at KI. Safe play in my books. Have over 50% of my capital in this one.