wolfram npv

Did a NPV for Wolfram using the following figures. Please comment if you agree / disagree with any of the figures

Cap Ex $30,000,000
Op Ex per tonne $75
Discount Rate 17.5%

Head Grades
Mo 0.102%
W03 0.40%
Bi .03%

Recovery
Mo 85%
W03 85%
Bi 50%

Commodity Prices
Mo $33 pound
W03 $230 MTU
Bi $10 pound

QOL Share 85%

Production
Year 1 & 2 150,000 tonnes
Year 3 & 5 250,000 tonnes

NPV for 5 years = US$ 278,577

This is excluding tax and using a discount rate of 17.5% and assuming that in the 3rd year they will up production. Have not taken into consideration the liklihood that the resource will be increased (increased mine life)

Discount rate of 7.5 % with the same figures exlcuding tax yeilds a NPV of $9,158,408 over 5 years (base mining life)