Ann: OZL: West Musgrave Ore Reserve Statement, page-41

The Ni & Cu price yes and no. The PFS contains a table that shows effect of the main variables on NPV with + or -25%. When I guessed NPV I said A$680m at spot but allowing for later rises (which you would expect over 26 yrs).

Actually the brokers are just being lazy (or it's too early). One could and should do an estimate with Ni price escalating at say 1% p.a. and the same for costs as well. (a more sophisticated version is the Monte Carlo method that run say 20,000 simulations with Ni & Cu price over a range. I bet that will be done in the BFS). The PFS was just the basic numbers allowing the modelers to do so themselves i.e make their own assumptions.

I'm comfortable with a 27c number (midpoint of 25-30) for a 65% geared project. that 20% A/T IRR jumps to mouth watering levels when it is geared. (Well mouth watering for me apparently others want caviar).

I'm still working on exactly replicating their NPV calculation so I can work for there. There's probably a sneaky small cost I can't find which makes a big difference over 26 yrs. Still I'm happy with with they've put out.