Red My model doesn't really work that way as I have forward...

Red My model doesn't really work that way as I have forward curves for prices and have only calculated value on a cash flow basis for stated minelife then added an implied value per in situ lb of resource for those estimates. Spotted Quoll and Flying Fox also have quite different mine lives and there are grade differentials and no doubt different cost structures. All that said I get a break even price on just the active operations (i.e. excluding exploration and positive liquid assets/working capital) of between USD3.35-3.8/lb using a 0.75 constant fx rate and a 10% real discount rate. A 1 point change in fx seems to change my operating cash flow pv by about $8m and a 2% change in discount rate of just over $1m (worse when reducing due to rehab impacts at end of LOM). My calcs are pretty back of the envelope though and I wouldn't call it a fulsome model by any stretch so needs a big pinch of salt. I just use it as an idea as to when I definitely see value over medium/longer term at different forward ni price points. DYOR