ADN pre-DFS target of $0.26 to $0.35, page-6

Correction to this bit:

The PFS resulted in a pre-tax Internal Rate of Return (IRR) of 175% ... for context a good result would be about 25%. 175% IRR means that the project is incredibly capital efficient. Total project NPAT over life of mine is AUD $1,389.0 M (100%-basis) and total startup capital of $28M (100%-basis). Breaking that down, every $1 of capital invested to get the project up and running generates $50 of after-tax profit. I expect an uplift in startup capital for the DFS, however I think improvement in cashflow will enable them to maintain or improve on IRR for the DFS. The company may proceed directly to building a process plant on site (current plan in the DFS PFS is to use ore processed through a toll-refinery in Asia to generate the cashflows to self-fund the plant).
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