I think you're banging your head on a wall now. As many in here...

I think you're banging your head on a wall now. As many in here have said, there are many many ways to value a company, and the NPV is but one, and one which you seem obsessed with.

To me, an NPV it's just a snapshot in time, calculated with an aim in mind (in this case, finance). If the Iberoclays LOI becomes binding tomorrow, to give but one example, any NPV calculation today is completely redundant by tomorrow.

It's like you're valuing your house today based on all available data, then assuming it'll never change from that valuation in the next 20 years. Is that how you invest? Because that says a lot more about you and your risk profile than anything we in here should be taking seriously.

All that's matters my friend is we going mining, oh yes, we gonna go mining..