A financial model is just exactly that : a model.And as such,...

A financial model is just exactly that : a model.
And as such, the hypotheses used have to be discussed.

The problem with using forecasts is that you can pick and choose as they are usually all over the place. As long as you are clear who's forecast you are using and why, that's not an issue.

What is misleading to me is the comparison to current producer's costs based on these forecasts. I am sure most of them would look a lot better if you double their Co, Cu or PGE credits.

Anyway, for these kind of projects, what any reasonnable investor (and financier) would expect is a spot price scenario, a forecast scenario and price sensitivity to each commodity, exchange and discount rates.

I am sure they'll provide that in the final PEP study so let's just wait and see.