Emerita announced the initial resource estimate for the 2 deposits in the IBW package. The initial resource estimate amount was not as high as lot of folks were expecting, hence the price reaction we saw. Although there is lot more that is happening that will really unlock the value of the deposit. We will have to wait till year end to see the updates and true value of the IBW package coming together.
David Gower did a really good overview of the resource estimate and discussed what else is coming up for the rest of the year. I think there is still a lot of upside to this resource estimate. Although just remember this, the initial resource estimate basically puts the IBW package to other comparable assets that are publicly traded. The valuation difference between EMO and these comparables is 5-8x. So clearly EMO is selling at a huge discount and I firmly believe we will see that discount get smaller. Maybe not tomorrow but definitely later this year and in 2024.