Ann: Invitation to Investor Webinar and CEO interview, page-32

Discount Rate used to determine NPV
The discount rate is relative to your cost of capital.
If the Cappex is outright cash, then a Discount Rate of 5% is healthy.
If we borrow a big chunk of money at say 7%pa , then we're stuffed. The discount rate should be 2-3% higher than the cost of capital.

Ideally, the cappex should be funded about 1/2 cash and 1/2 bank loan. The better the numbers look, the cheaper the finance.
Say in 12 months time we're looking at 5m oz indicated, gold at $2,000/oz, then the NPV will be well over $1b. This is when things get interesting.

I think we've come a long way in a couple years and will go alot further in a couple more