AVZ Peer Transparency, page-77

because that shows that the company is still profitable at the concentrate pricing which is below the opex of current producers. who have had months/ some years to bring it down.

additionally, I don't expect avz price received for product to be at $525 unless they're shipping a DMS only SC6. which if the case the capex and opex to achieve this will be significantly lower than what was run in the DFS. this would mean the IRR is higher than shown even at terrible pricing.

furthermore, there is no factor for any credits which would lower the opex or increase the revenue stream.

and not that it related to the IRR as far as I'm aware but this was ran on 400mT and from memory the 268measured. well documented that there's significantly more product. the npv is a lot higher when you consider the exploration upside.

IRR of 33% on a DFS which isn't up to date which on the probably worst probably price ever received is pretty good. 30% decrease in prices in most
commodities would render them non profitable.

good discussion though - appreciate it.

SF2TH