Ann: Investor Presentation - Bell Potter Emerging Leaders, page-23

Sharejon,

I agree, but let's put some flesh around that.

Assuming (conservatively) that KV is only a 30 year project, I believe the best inputs for NPV may be something like:

Decade 1- USD 7k
Decade 2- USD 5k
Decade 3- USD 3k.

Who knows, but you are right, we should make an estimated guess, rather than simply assuming spot.

I am factoring in huge demand growth in EVs and storage, and particularly in Decade 3, some huge (probably African and new discovery) new supply.

One thing is for certain, there is zero credibility in the use of historically derived or plucked spod prices, as the 'L/T input price".

Look at the iron ore prices, and how long they have sustained at material multilpes of operating costs. No apparent problem, if demand is there, and it will be.

So, my numbers suggest (rough as guts) a NPV average of around USD 5k.

What do you think?