Ako, When I put the numbers together on an excel sheet I took...

Ako, When I put the numbers together on an excel sheet I took into account 3 yearts construction with 20mil spent in first year, 60mil year 2 and 60mil yr 3 and the associated interest on this through the payback period.

But the NPV of the cash surplus came to 240mil after interest.

The market will discount this until the mining is declared to be in full production; ie grade, throughput and recoveries as planned.

I think around 50% is fair for atv given process is simple (receoveries), dirt is soft (throughput) and grade is obviously yet to be proven to the extent that it is running through the mill. All projects bare this risk.

Uncertainties around funding are weighing more on SP than mining risk in my opinion. Obviously one is resolved before the other though I suppose.