Ann: Rocklands Feasibility Study, page-15

indeed! However it's pretty easy to get a quick and dirty overview. Even if we take the CDU inputs as valid (like the recoveries, discount rates etc), then we can quickly adjust the NPV:

$405m after tax is the project value after they've spent another $64m - so that's $341m

They've got debts to Minsheng of ~$85m, they owe Sinosteel another $68m and $6m on the short term loans (from the prospectus). As at 31 Dec, they had ~11m in cash - no doubt whittled away since then. So that's net debt of about ~$150m to come off the project value - so we are below $200m.

At this point worth remembering there are >315m shares on issue, so we're already down to ~64c/sh, even whilst assuming that they can process and sell the cobalt/sulphur and magnetite - if they can't, that's ~20% of revenue gone or ~$360m LOM - and we'd be sub zero equity value.

Using the sensitivity analysis on page 5, each 20% move in copper (not equivalent) - gives a change in NPV of ~$184m. The LOM weighted copper price used is 2.63 USD/lb - or a 20% premium to spot.

So at spot - the mine is worth about $9m to current equity holders, or about 3c/sh. QED.