Assumes a long term magnetite price of US$90/t (FOB, priced off 65% Fe ore) and mills willing to pay around 25% of the contained vanadium. Assumes the capex to be in the range $130-170m using $160m for this analysis. Annual Revenue/Costs/EBITDAMagnetite $190mVanadium $140m Total $330mTotal Cost $207mEBITDA $123M per year EBITDA margins are inferred to be around 35-40% NET CASHLOW $92m per yearNPV $325 millionwith an IRR of 65% At current spot iron prices (US$120/t FOB) the NPV would rise to $547mdelivering a potential strong post tax IRRof 100%
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