10% discount rate, $2.2b npv , page-8

I followed approx 200-300 NPV calculations in 10 years investing in mining stocks. None of them has ever considered the debt/equity ratio in a NPV discount rate. So why FMS ?

The NPV calculation can't objectively factor in the possible dillution of shareholders. Would 10%, 15%, 20% or 25% a fair interest rate to consider this ?

No one knows, it depends on the skills of the management to get "cheap" money from the capital market and minimze dillution for existing shareholders. That's a "soft fact", you can't consider this in a objective way in a calculation.