Frankly, I do not really understand, page-53

IGV (In Ground Value) is always a bit of a misnomer.

But let's look at it:

Based on the calcs you guys are doing we have an IGV of $4.875bn - bit of work to do to prove 50Mt but not that much so happy enough with that.

We also have roughly 3x the tonnes of Copper at the low end at 10% of the price, so add 30% to IGV. That gives us $6.3375bn

Now assume a payability of 50%. That instantly cuts it to $3.16875

Assume $2.50/t mining costs. That is $125m.

Assume $20/t processing costs. That is $1bn

Assume $300m capex for plant built and pre-strip etc for 4mtpa operation.

That reduces our number to $1.743bn.

Assume linear cash flows and LOM of 12.5 years (50Mt/4Mt)

Annual cashflow is $139.5m

Convert to AUD = $186m (fx at 75c)

Run that through a 10% NPV and we get A$1.3bn.

So not far from what I would expect to be honest.