I had just finished figuring out how Elmer came up with the $ 0.94/share $ 423 million NAV numbers when you posted. He used the NPV @ 8% for the 2013 FS at SC and the PEA at VD to sum together as a NAV number and then divided by the basic share float, not the fully diluted share count. So yes we should use this valuation approach carefully. There's a lot riding on the outcome of the Teck studies.