Ann: Investor Presentation - Shareholder Webinar, page-334

Yes, you are correct in that it assumes the project has a hurdle rate, which not all projects do.

So both are accurate from a technical standpoint, in that the IRR should be >0% to be viable (NPV$+) and should also meet the company's hurdle rate where the cost of capital (debt & equity) is not free.

I've commented previously that the company's hurdle rate used in both PFS & DFS is conservatively 8%. However, based on the current cost of equity and debt calculations, the WACC is closer to 6.2%. This is largely an unrisked WACC calculation so your 8-10% range is in line with the business's thinking.

Agreed, a conservative 36% IRR is very good. - It was never going to be triple digits as long as the upfront capital expense was anticipated in the region of $100M and the PV of DFS future cash flows was not commensurate to cover the 5x multiple, in addition to an increased LOM.

That said, I believe the IRR and NPV will increase in real terms as the project matures ie. BOA's, HPA, Conc, Bluesky etc.