Ann: Thunderbird Mineral Sands Project Update, page-31

It took me a couple of weeks but I found it. Hartleys report from April 2014.

Study says: “make $140m pa EBITDA for 32 years!” Sheffield Resources Ltd has released the eagerly anticipated scoping study for the Thunderbird mineral sands deposit in northern WA. As anticipated, the project is enormous and has exceptional economics. The mine life is assumed to be 32 years (we expect that the eventual mine life will be considerably longer) and is expected to generate an average of $140m of EBITDA pa. Once in production, the project increases global zircon supply by 8% and increases global ilmenite by 4%, in today’s terms. Capex is very digestible at only $309m, including a $37m contingency, $38m EPCM and $15m for the additional study work (PFS and BFS). Our pre-tax, unfunded, NPV12 at the decision to mine (CY16) is $700m. Our funded NPV12 today, post tax, and assuming dilution of ~138m new shares is $1.56/sh. Note this valuation is heavily impacted by the currently depressed share price. Based on the scoping study economics, we believe that the project could be 100% equity funded at prices >$3/share, implying significantly less dilution than we assume in our $1.56/sh formal valuation, which is one reason our price target is well above our valuation (another reason is the sensitivity to discount rates given the very long mine life)."

As the project progresses and the risk decreases the discount rate will reduce giving the project higher valuations.