Sensitivity Analysis and MC valuations, page-65

It seems they have done absolutely everything to give the applications the best chance possible. Hulme Scholes said in the interview last year, March/April for the first approval ......and then mid year, July onwards for the big one. When does anything in this space get approved early? Or on time for that matter? Navy i can understand the last minute jitters as it sounds like you may have over committed here all things considered? However, the fundamentals remain intact and looks to be valued on the Pilbara assets alone. So the way i see it, the market has pretty much valued the SA applications at 0% chance of approval. If management and the bod's thought the chances were less than favourable, why would they be funding undergound scoping studies ahead of approval? They have implemented a very strategic team in SA.