npv 9billion igc 1.28, page-6

Dippa, some of those figures seem out of wack to me.

Firstly, the project from NKP's perspective has a NPV of $9B. Not the total project, but we'll accept is as given as total. And i would argue is their simplistic measure of the project is based on a P2 reserve, then this would include the production over LOM.

If IGC's share of the project is 15%, then this is 15% of $9B, Say $1.350B. Remember this is all based on LT view of only $1400 per oz

IGC has 118.2M ordinary shares and 65M opt at 20c and 2.8M at 15c, realising say $13.5M in cash. But this is immaterial anyway. Refer to recent Appendix B

Fully diluted, 187.8M shares

Now the gross cost operating cashflows have been incorporated within the NPV - but i'll apply another 30% discount for various fluctuations in variable costs and non-cash items. So the $1.350B is now, $945M.

So on a vary crude basis, the NPV of IGC's share is about $5.

Test this intuitively, if you look at that same presentation, they say on a reserve basis, Plat Australia's current share price is about $90/oz. Applying that same methodology to IGC, you get a market cap of $90* 15Moz = $1.35B or $7per share. which is closer to the NPV i worked out on the project.

Not having a go at your work - just think it was understating the potential here.

I hold and hope IGC doesnt just doesnt give herself away. I do agree with your previous views on the Strategic stake it has and how it can really force AngloPlat to play ball if it wants to be NKP's strategic partner going forward