Steady accumulationExecution risk seems to be why the stock trades at such a discount. That will unwind as the project progresses through the various milestones toward development and production, and when cash flow meets expectation. The discount seems heavier than companies/projects at a similar development stage because the management team has a black eye over the Mali mine fiasco; now they have to prove they can do it. What value is put on the government's extra 20% participation (on top of the 10% carried interest) is the other issue that is not resolved. It is meant to be by an independent assessment, but we don't know what that means yet. There is lots of upside, but the wait will be long.