The post above is why I love hotcopper. Thank you marcus A for the analysis and for explaining it in a way that I can understand and learn from.
The discount rate point is particularly important I think. While the technicalities of the financials are bit over my head, I was surprised that the NPV figure decreased so much (notwithstanding REE pricing) while so much progress and de-risking has been accomplished since the DFS 2.5 years ago. I certainly feel that using the same discount rate, now that they are fully approved and have even commenced project works (i.e. the recently announced water pipeline contract) is a little conservative. I've got to say I like the NPV7 figure a lot more
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