IRD 0.00% 8.0¢ iron road limited

Ann: Iron Road Announces PFS Results , page-11

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    Yes CAP have a 60% WI, but they can be free carried to a 20% WI in the project if all JV agreements are fulfilled. This includes a further $50M in cash payments to CAP.

    In the event that CAP does get free carried, it pays no CAPEX.

    The NPV of CAP's share in the project would therefore be $950M, from just the first 13 years of production (i.e. based on the current resource like IRD's PFS).

    N.B: I would attach the spreadsheet to show how I am calculating these figures, but thats a timely exercise in its own right.

    By the way, I'm using a 9% discount factor on CAP's project, while IRD claim to be using an 8% discount factor. Compounded over 10+ years, this small difference has a surprisingly large impact.
 
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