Ann: 2023 Definitive Feasibility Study Results, page-206

I'm not here to belittle the company. I'm just providing my point of view from the released DFS.
Reduce the DFS to 20 years and work out the NPV. 28 years is excessive and is really to boost the NPV.
The numbers won't look as good. thats a fact.

What do you put the NPV of the company for Stage 1? Anything passed that is currently hypothetical.
Do you think Stage 1 would have a NPV of 500m?
You could then argue 20% NPV (before funding) would give you a 100m market cap.
100m is currently where the company is at.

But I don't think Stage 1 would give you 500m NPV when 28years only gives you 1bn.
That is just based on the numbers that have been released, and my opinion.

Balanced views makes good forums where people can make their own decisions.