7.5c SP -> $1.11 SP Target (Largest Potash Deposit in West-Europe) $30M MC, page-749

Worth highlighting alongside SHP figures:

EML Project Metrics:

SHP Estimated Project Metrics at same assumptions ACCOUNTING FOR SENSITIVITY ANALYSIS for project 1 of 4:

$360/t
8% discount rate
MD&A based OPEX/CAPEX plug in
=



0.25x NAV is $379M = per share of 88c for scoping study

"We are expecting a punchy IRR" = wouldn't be far off 38.5% in regard to an IRR referred to as punchy I wouldn't think?

Seems a good comparison for Ohmgebirge, but don't forget the other 3 projects that SHP has...

All in my opinion only, not financial advice, DYOR!