I'm no numbers guy in determining the new NPV but forget using the 2013 report as your reference! There have been several reports completed since then....using a 7 year old document is not helping exploring the new value.

What I will add here, the 2013 numbers that you are using NEED TO INCLUDE the remaining M&I numbers (I think 300 million times) and the inferred resources (you know, the 600 million times of metal not included in our economic analysis.

The main reason is, Teck used all metal categories to determine their mine value called, "Sanction case". Elmer confirmed we will employ same model on QB2 calculations called "operations approach" I believe.

Again this does not include optimization studies, further metal discovery, reduced costs from savings of lower oil, technological advances, mine updates, etc.

Simply using 2013 numbers which we shouldn't be using anyways.