Say if the JV entitles NSL to 200MT/2 = 100MT rights at 60FeYou...

Say if the JV entitles NSL to 200MT/2 = 100MT rights at 60Fe

You would have to consider the extraction costs and the recovery rate would most probably not be 100%. So say extraction costs are $15/Tonne and recovery rate is 70% - this would mean to me that 200MT * 70%=140MT

- Recovery costs and overheads per Tonne = $15 per tonne/ 70MT*$15 = $1.05B

140MT /2 = 70MT * $80 per tonne (conservative) = $5.6Bill Marketable in ground resource.

Hence a true valuation without taking into account the time value of money would be = $5.6B-$1.05 = 4.55B

Current Shares on issue = 250mill
Share Price = $18.2

Ok lets be very conservative and take 10% of this – that is still $1.82 now that’s value.