Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-48

They do indeed

But I'd suggest you polish that crystal ball....

NPV was US$1.3bn, and that was using $340/tn in the scoping study. Still at $400+/tn at the moment, but the key to the value here is that it doesn't need $100/tn transport costs from Canada, when its located in central Europe

Capex was US$600m, comin to 27% IRR


Thing is, this was before any discussions or suggestions that we could use existing shafts, saving US$90m....

All of a sudden, it's looking a bit different.


Totally appreciate alternative opinions, I'm not trying to discourage or disparage, but you numbers above don't reflect the scoping study. Now, whilst the scoping study has a lower level of inaccuracy, releases to market and my discussions with management lead me to believe that the numbers will surprise on the upside in the PFS - they have all the data and access they need to complete this.

For me, investing is about the story but also about the management. I had 90mins to quiz them on everything when they were in Sydney, and I buy in on the people too.

What happens after that, then that's down to the crystal ball