here we go, page-22

SS in response to your comments:

a) A forward curve is a good estimate of future prices of metals. It is an industry norm. However as you should know with any discounted cash flow valuations, the cash flows from earlier years are "worth more" than cash flows from later years so the impact of lower gold prices in 2018 onwards (unlikely imo) does not contribute to as large a part to the valuation than the first few years which are hedged at prices higher than the current spot/forward prices.

b) As someone else pointed out, this is not the interest rate that Mutiny will receive. It is the discount rate used on the project cashflows, and looking at other gold projects, a discount rate of 8% seems reasonable.

Note that banks usually provide financing on a Project basis, they assess the economics of the project and depending on this they assess the level of debt that the project can sustain.

Also, bear in mind that this analysis is a base of future increases in production rate that will be announced later this year (that was alluded to in today's release/previous presentations)which will only improve the economics of the project.