Ann: Makuutu Rare Earths Project Scoping Study, page-195

Thanks for your input:

SS NPV AU$428 million
If you add another 4 years of production the NPV moves to 677M USD - LOM 15Y = AU$870 million
If you add another 9 years of production the NPV moves to 897M USD - LOM 20Y = AU$1153 million
If you add another 16 years of production the NPV moves to 1093M USD - LOM 27Y = AU$1404 million

Using your guide:

1) SS/PFS performed, no offtakes, no finance = 10-20% (15%) of NPV
2) DFS/BFS pilot plant no offtakes no finance = 15-30% (23%) of NPV
3) Either of the above with offtakes secured = 25-40% (33%) of NPV
4) Any of the above with finance secured = 35-50% (43%) of NPV
5) In construction near term production = 50-75% (63%) of NPV

With IXR we are at 1)

So
SS 15% of $428 million = $64 million
15% of $870 million = $131 million
15% of $1153 million = $173 million
15% of $1404 million = $211 million

Number of shares on issue = 3,192,399,514

SS $64 million / 3.2 billion = SP 2.0c
Add 4 years of production $131 million / 3.2 billion = SP 4.1c
Add 9 years of production $173 million / 3.2 billion = SP 5.4c
Add 16 years of production $211 million / 3.2 billion = SP 6.6c

Current SP has an extra 4 years of production priced in.