Ann: Ardmore Project Updated Definitive Feasibility Study, page-12

I agree the numbers on the surface look a bit disappointing. However the NPV from the original DFS was using a selling price which was way above the phosphate price at that time, so that DFS was never a realistic reflection of the present day conditions.

This DFS looks to be a lot more realistic in that it uses present day prices and has been adjusted for the cost inflation we are presently experiencing. I am particularly interested in their exploration into packaging sizing options. It may be more lucrative for them to run a smaller operation with higher margins but finding a market for their product will be the challenge there.

One thing I am not a big fan of is pre-tax NPV's. In my opinion the companies that go down this path are not fooling anyone who matters in terms of determining the ultimate value of their project. Yes from a window dressing point of view a pre-tax NPV looks much more impressive but personally I would prefer to see companies report an after tax NPV warts and all.