2006 npv vs 2012 npv, page-3

Capex is always included when working out npv as it shows the cashflow of the project per year minus the initial investment. This latest dfs although profitable does not make sense. Tungsten price has increased plus cost but the margin is still larger than that in 06. Also %tungsten recovery has increased not to mention more ore uncovered via drilling, about 1300T of tungsten since 06. IMO ore figures in 06 were understated in terms of measurable. Still a ~$40M profit after tax after 4 years is ok with me. Its not peanuts by any means for a 2c company. Bring on Spring drilling, that Tanami province is littered with gold