Running discussion on SP, page-54091

A Market Cap of roughly AUD$1.1B

With a Proven NPV10 Post Tax at 60% Ownership of US$616M (AUD$822).

AVZ now owns 51% of the Project, resulting in a Proven NPV10 of roughly US$524 (AUD$699).

It is fair to say many of the project uplifts since April 2020 (Roskill Long Term SC6 + Tin Pricing, recoveries etc) are already factored into the SP being well above the proven NPV.

Of course the below numbers and the soon to be released BFS are both on a 4.5Mtpa throughput scenario (which could be upgraded to 10Mtpa).