"$4100 spot price feels a little out of date"
It's conservative to trail the spot price when publishing headline figures.
From that, investors can do their own math given each $100 increase in spot = $52 million increase in undiscounted pre-tax cash flow.
@ current $4600/oz it adds another $250 million.
= $1.25 billlion (undiscounted pre-tax cash flow)
If we want to get speculative....@$6000/oz = $2 billion
@$8000/oz = $3 billion
@$10,000/oz = $4 billion
Ann: 2025 Unearthed Natural Resources Conference Presentation, page-3
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