Ann: Quarterly Activities Report, page-1061

Hi Blitz,

The basic NPV calculation doesn't change.

You divide the number of shares by the forecast NPV, The table makes it very simple as the revenue is reflected by the current graphite prices,
I have adjusted the NPV per share to reflect the current graphite prices and the number of shares on issue,

If you wanted to go into more detail, you would adjust the NPV to reflect the likely Operating costs, due to fuel costs which impact the cost of mining, operating the production facility, transport to the port and shipping. You could also add in inflation to the staff costs.
If you look at the Red line in the chart above, it shows the impacts on operating cost, if the operating cost increased by 30% this would reduce the forecast NPV by US$25mil. Which is the same as a 10% reduction in revenue (based on the graphite prices)

Would you like me to run the NPV calculation again with a 15% increase in operating costs and the 15% reduction in graphite prices (revenue) or do you understand the chart now?

The future NPV would be around US$125mil if that helps.