AZY 100% development options, page-48

Some comparative cost estimates to support our musings:

The latest GGP presentation has a budget of USD80m for ‘surface infrastructure’. They indicate that this is a sealed road from Havieron to Telfer, and my understanding is this is 55kms, or 20kms longer than from Minyari to Telfer.

CMM brought out an optimisation report for Karlawinda in June 2018 with an updated NPV budgeting AUD 93m (USD66m) to design and construct the processing plant and another AUD 36m (USD 25m) for an accommodation camp and construction of a 31km unsealed access road.

But we would presumably come out higher with inflation etc

The Shaw & Partners report on the Antipa website dated 24 May which assumes we construct our own plant, factors in development capex of AUD 300m, (USD212m ) over 3 years from the start which seems high compared to Karlawinda?

It does not seem to include costs of constructing the underground mine when the open pit is exhausted, unless that is also included as initial capex?

They put an NPV 10 valuation of AUD 503m (USD 362m) on Minyari using discounted 'long term prices' but that jumps to AUD 806m (USD 580m) when they use current spot prices for minerals