Ann: Maiden Sandras Mineral Resource Grows Finniss to 6.3Mt, page-123

Hi siriosly, can you post your model and assumptions?

Here is the spreadsheet I am using, please note the following assumptions & shortcomings:

1. Assumed same lithium grade as Grants for all future LOM (Proven false by Sandras)
2. Assumed sale price is steady from H1CY21 onwards (unlikely, but have selected a lowish sale price)
3. Assumed no new major Capex investment (a poor assumption)
4. Assumed no increase in operating costs post H1CY21 (Inflation alone will make this incorrect)
5. Note: Mining pre-strip under “Mining” rather than “Capex” (Grants only)
6. No new pre-strip catered for (obvious shortcoming due to multiple sites)
7. CXO PFS (Green) is based on the PFS for Grants - I have just expanded the LOM. I have not changed the price assumptions and have continued with pricing from H1CY21.
8. My Predicted DFS (Blue) includes change in FX rate (from 0.75 to 0.73), increase in sales price (based on higher percentage spod), included additional LOM - all other assumptions are the same.

NPV figures

I haven't been posting the $963 figure listed, instead I have been noting $700/$800M to cater for all the obvious shortcomings in my assumptions above.

Happy for others to review this and note any other obvious mistakes I have made. To be clear - I'm not an accountant, I just play in spreadsheets and hope I get close to reality.