the best undeveloped copper play in aus?, page-11

Ahh so thats what you mean, given its not in production, how can you judge the rate of return.

IRR is caculated during the financial feasibility studies. Anyone can do one with a spreadsheet and too much spare time.

For a speculator are you looking for a rise in share price or are you predicting on a prediction, ergo speculating on the IRR.

If the IRR is low, a company will have trouble justifying the project to bankers and big investors. No project, no shareprice rise.

Of course, the SP may rise in anticipation of the project becoming viable.