| Metric | Formula/Calculation | Production | 2025 | 2026 | 2027 | 2028 | Assumptions |
|---|
| Gold Production | Based on PFS selective mining ramp-up | 80,000 oz | 80,000 oz | 140,000 oz | 150,000 oz | 150,000 oz | Derived from PFS annual phase ramp-up |
| Nickel Production | Based on metallurgical test work results | 4,000 t | 4,000 t | 7,000 t | 8,000 t | 8,000 t | Based on PFS selective mining and bulk mining phases |
| Copper Production | Based on PFS and resource estimates | 5,000 t | 5,000 t | 8,500 t | 10,000 t | 10,000 t | Derived from PFS metallurgical test results |
| PGE Production | Based on updated PFS recovery rates | 100,000 oz | 100,000 oz | 180,000 oz | 200,000 oz | 200,000 oz | Recovery rates from Feb 2025 metallurgical update |
| Gold Revenue | Production × A$2,600/oz |
| A$208M | A$364M | A$390M | A$390M | Gold price fixed at A$2,600/oz |
| Nickel Revenue | Production × A$22,000/t |
| A$88M | A$154M | A$176M | A$176M | Nickel price fixed at A$22,000/t |
| Copper Revenue | Production × A$9,000/t |
| A$45M | A$76.5M | A$90M | A$90M | Copper price fixed at A$9,000/t |
| PGE Revenue | Production × A$1,500/oz |
| A$150M | A$270M | A$300M | A$300M | PGE price fixed at A$1,500/oz |
| Total Revenue | Sum of all revenue streams |
| A$580M | A$880M | A$960M | A$960M | Calculated from individual commodity revenues |
| Operating Costs | A$100/t × processed tonnes |
| A$280M | A$450M | A$480M | A$480M | Costs reduced by process improvements (HPGRs, VRMs) |
| EBITDA | Revenue - Operating Costs |
| A$300M | A$430M | A$480M | A$480M | 51% EBITDA margin |
| Capex | Fixed annual capex allocations |
| A$250M | A$200M | A$100M | A$100M | Reduced due to simplified flowsheet |
| Market Cap | EBITDA × 7.5x (conservative multiple) |
| A$0.90B | A$1.50B | A$2.00B | A$2.50B | Recalculated with current price and projected growth |
| Share Price | Market Cap ÷ 389M shares |
| A$2.31 | A$3.86 | A$5.14 | A$6.43 | Updated projections based on current price and growth |
(20min delay)