Figures, page-12

Hi all

I stumbled across A4N, a HPA player with fertilisers A & B as credits. They are currently pending DFS due to be released later this month.

Their PFS was released in November 2018: A4N (CLL) PFS Original.pdf

Since then they have issued an update in March 2019:A4N Updated PFS.pdf

Below a summary of A4N:

1. HPA 4N production of 10,200t/yr;
2. 4N price assumption of US$25,000/t;
3. 43,000t/yr of Fertilisers A (AU$160/t) as credits;
4. 73,000t/yr of Fertilisers B (AU$510/t) as credits;
5. Pre-tax free cash flow of AU$265m on full production;
7. Unit cash cost of AU$6,830/t after credits; and
6. Capex of AU$198m.

Based on the above, I have reworked my mini HPA-only PFS and the result is as follows:



The PFS has ignored ALL credits from V, Ti, Fe and Mg - I am pretty sure those credits combined easily surpass A4N's Fertilisers credits.

Can anyone help to identify the production of V, Ti, Fe and Mg based on the mining rates of 262,500t/yr? Maybe we can produce a mock PFS for KRR? lol

Note: I do not own any A4N.