npv 4x current sp, phase 1 only!!

And this is just for starters!

?h Maiden Ore Reserve defined at the Hardstaff Peninsula.
?h Stage 1 Mine Life of 11 years with a low strip ratio (less than 0.7:1).
?h Subject to approvals production expected to commence Q4 2013/Q1 2014.
?h Production of a pre-concentrate on Irvine Island averaging 40% total iron, with final beneficiation to a high quality concentrate in Asia.
?h Stage 1 production of 71Mt of pre-concentrate estimated to produce 40 Mt of final concentrate product generating revenue over the mine life of ~ A$5.6 billion (2011$).
?h Cash operating cost of A$63/t of final concentrate (excluding royalties).
?h Estimated capital cost of A$700 million for Stage 1 Hardstaff Peninsula.
?h Stage 1 estimated Net Present Value @ 12% nominal discount rate (??NPV12??) of $A710M.
?h NPV = $3.80/share ($3.40/share fully diluted).
?h IRR = 38% ungeared (Stage 1 only).