A few points.
NPV understates value of long life producers, risk aside if you think there's no upside you're wrong.
$840m FCF for the four years, in other words 2.3 years of operation before current market cap is backed by cash and effectively you get 15.5 years of ~$500m FCF, +LOM expansion + exploration upside for free.
Metal assumptions:
People like to use these to discredit management but really dont know what they're talking about. They are selected at the start of a study and can't easily be changed because they become variables that various functions are based off.
Recoveries are very low, if they're able to improve these then economics will go through the roof.
Ann: Gonneville Nickel-Copper-PGE Project Scoping Study, page-18
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