he is saying the irr is struck off high metal assumptions
they are very good assumptions not high imo in how they reflect real world price likelihood’s
but agree they overstate the implied profitability of the project vs peers that use more conservative price assumptions. 95cpb/ 21silver assumption would be a spicy meatball for many in the space who’d prefer 3yr historical price avg
but if you look at real world pricing since last March - those price assumptions have proven themselves as excellent project limit bounds
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