AUZ V CLQ, page-101

Sorry I forgot to point out the biggest one.

The fact that all upside (IMO) is now already priced into the market cap. The market cap is more than what the NPV is projected at. So as long as there are no hiccups in the process all future cash flows at their projected prices and profits discounted to today are already priced in.

So the way you can get future growth in the sp, is to either discover more ore, convert that into resources and include that in the mining schedule and build a bigger plant or lengthen the mine life.

Or you can bring in your capital cost under projected capex. Which is unlikely as revisions have only increased the capex compared to earlier versions I have seen.

Or get an increase in metal prices.

They have also used an 8% discount rate. Standard for mining projects is typically 10%, so the decrease in discount rate decreases annuity factor and increases NPV. It's not as bad as some I have seen, but I like to see 10% used often as industry standard. They have probably used this to boost NPV to offset long mine life and the very far out future cash flows later in mine life.