Ann: 2020 AGM Presentation, page-21

Yes sorry. I had just been looking at ADT's IRR and NPV generated on an 8% discount rate.

I shouldn't have made any guess about IRR for Degaussa because it will depend on the life of the project they select. That will depend on the blending of tails and fresh ore. I suspect the whole thing will end up a flexible project able to respond to the gold price and other company demands/options. That optionality underpinned by say Tshukudu is an important strength. It puts SFR more into the category of bigger players like RIO and BHP. The bigger miners have demonstrated strong discipline in capial expenditure after a period (decade) of the opposite which bodes well for resources. I don't underestimate that flexibility in comparison to single mine companies which Chip Goodyer (ex MD of HP) used to call trick ponies. For myself, in terms of portfolio investment in resources, it holds a special place. Viz. Commodity production is cyclical (boom-bust) enough by itself. A point well demonstrated in the CV19 period of this earlier this year.