Ann: Standalone Mt Edwards Project Scoping Study, page-3

They hide it away on page 91. For USD 16k/t the projects net cash flow is negative 177.7AUD Million.

Theyve based it on USD9000/t Copper price which is above current prices as well.

I remember hearing once a good rule of thumb is back calculate the NPV at 20% discount rate at today's spot prices and if the NPV is above the MC of the company its a winner. Obviously dont even need to pull out the spreadsheet on this one. My bigger question is why the hell is the share price up 13%. Clearly some mugs just read the first page number and why lets facts get in the way of a good story. I dont want to sh!t can them too much. Nickel prices have sunk, but unfortunately this report isnt worth the paper its put on. IMO its a resource that may need to wait 5-10 yrs if thats what it takes for nickel prices to rebound.

Ive been watching this one with interest but this scoping study doesnt give me a lot of short term confidence its going anywhere.