Ann: Apollo Hill Preliminary Economic Assessment, page-6

This is a bummer. The $390mil NPV is not conservative either. Its pretax and at a 7% discount. 10% would have been probably more appropriate

Corporate tax rates are 30% in Australia. So post tax NPV is $257mil? pretty sure i did that wrong but it cant be far off.

With a CAPEX near NPV i would say this is unfundable. No wonder why Sprott started selling after the pivot from exploration to development. STN really need another chunky deposit to make this work. I am still bullish on management and the project but more $$$ over some years will have to be burnt on resource expansion.

I totally sold out at $0.175 btw with 16% gains. Will dip my toes in again later after the wreckage of the PEA and some momentum. Have 100% confidence Ian will guide this in the right direction from here. It doesn't mean a chump retailer like me shouldn't trade this however. Sell now and buy even more later that is my decision.