No it would not have been done on NPV as it would have been negative at spot $15/oz. Given ag was at a historic low levels for extended timeframes the auditors wouldn't likely allow LT forecasts of +$25 as an input assumption given going concern considerations at the time. As such it would have been down at firesale price at historic lows via indicative or offer price for NE.
At $25/oz it NPV is +$200M
Despite our logic differences we still get similar outcomes for NE if sold pre-production.
AUD 1.00 today, page-37
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