Ann: Change in substantial holding - T Goyder, page-29

Not many posters on this forum seem to understand financial aspects of the SS.

The prices of metals used by CHN are in 2023 dollars (ie real prices - this was clarified by the CEO in writing.

That is the nominal Pd prices you quoted need to be discounted back to 2023 to provide the correct comparison eg using the 6.5% discount rate adopted in the SS the real mid point Pd price for 2029 (expected production date ) is $2,130 not the $3,108 you quoted - ie no where near as heathy a price. That price is using a 6.5% discount rate which is an absurdly low rate. In the LTR DFS a 8% discount rate was adopted when bond rates were less than half what they are today - for a SS today relative to current bond rates a discount rate of at least 10% should have been used to be of a comparable basis to the LTR DFS.