Top 20 Movement, page-255

Hey mate.

Few things to consider with regards to this.

Changing for the DFS scope to 3.6Mtpa for early mine life will reduce output a bit, but will also cut a decent amount out of upfront capex.

Reserve in DFS is likely to be 60-70Mt. Should be a 15+ yr LOM.

So a few things that increase NPV and one that decreases it. Not sure where that sits on balance.

But based on last years study sensitivity at $3,750 NPV would be ~A$1.2bn and IRR about 86%. Very good numbers.

I think even with change of scope at spot we should see A$1bn+ NPV and IRR above 60%