Ann: Yangibana Ore Reserves Increase by 25%, page-21

Yep, as did HAS. 'real' basis price refers to the price being pegged to a date, usually the assumed project start date in the study. P were "sourced from several independent consulting groups' and plotted on the chart below, showing the consensus forecast was for NdPr prices to fall in nominal terms over the life of the project, but still within a tight range between ~$115 and $105/kg.




Feasibility studies typically report financials on a real basis in 'today's' prices to make them sensible, meaningful and simple. Inflation and changes in nominal revenue and costs will happen over the LOM of course. Working with all variables in today's prices and assuming inflation increases costs at the same rate as revenue means the 'real' operating margin stays the same in today's terms adjusted for inflation, whatever inflation turns out to be.

Often studies will insert specific nominal prices into the short term (say first 5 years) then set them at a long term figure LOM. Take lithium atm for example. Everyone agrees prices are coming down to some LT required incentive level, though how quickly and to what level is in debate. Any lithium study atm needs to insert specific prices over the first few years to walk them down to a LT average, because that is the most probable and realistic outlook. Anyway, HAS could have chosen to do that given REO prices were in a spike at the time but chose not to.