Ann: Big Bell Expansion Approved, page-13

Hi @nospamplease, I think it important to have some perspective on the sector as a whole. While an AIC of $2388 AUD is not cheap, it's the average over 16 years. So... as shown the in graph above, the AIC will fluctuate, with upfront capex spent, upfront and then... a long tail wind of higher production and lower AIC. Great points @plough in regards to the discount rate. Many miners use 5% which... is bold considering cash rates are higher! Great point about the tax benefits too.

For context, the AIC (not ASIC) for the following companies was (in FY2023)(these are approximate from a GOR presentation).

CMM - $1350
EVN - $2200
GOR - $1650
NST - $2300
RRL - $2350
RED - $1950
RMS - $2200
SLR - $2150
WGX - $2300
SMB - $2500

The AIC is higher than the Great Fingall numbers, but, it has the benefit of being at least double the production rate.

I am having issues with HC, so cannot post any slides, but... suffice to say, WGX recently stated that Great Fingall will enable the company to produce above 300k p.a. Now we have Big Bell deeps to add to this. Yes @calmbeforestorm, it would seem a 350k p.a run rate will be a future goal later this decade (hopefully sooner).