Project economics, page-6

Guys, here is some of the information:

Note the reference to the US$:A$ foreign currency forward curve.  The C1 costs were worked out as an average over the life of the mine, and based on forward estimates for the AUD, so it's unlikely to be based on a number that is particularly high.

Economic assumptions: Whittle pit optimizations were modelled using a long term U3O8 price of US$70/lb, a price considered by commodity price forecasters as being the incentive price required for new primary U3O8 production to be financed and brought to market. As the Wiluna Project moves toward project financing, Toro has applied the US$:A$ foreign currency forward curve to its financial model. The forward curve has been applied through to March 2024 then held constant through 2032 where required to show forecasts in US$. The economic model assumes first production at Wiluna in 4th quarter 2016, however this timetable is contingent upon a variety of tasks being successfully completed including, but not limited to, a final definitive feasibility study, full project financing, construction and any further necessary approvals.

And in relation to costs:

Applying estimates of operating costs to the proposed mine plan, a life of mine cash operating cost of A$62.3/t ore mined is estimated, which translates into a life of mine “C1” cash operating cost of US$31.1/lb of U3O8.

Hope that helps. It all pre-dates the latest optimization work and the recent uplift in reserves.

BTW, the info is from an announcement 30/01/2014.