more adjustments re the gradesmisread the scoping study in my...

more adjustments re the grades
misread the scoping study in my haste
it nudges it up slightly more
a work in progress, after i find all my screw ups i will have a definitive result for wingellina

Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Ore treated ('000s t) 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000
Grade (NICKEL) 1.32% 1.32% 1.23% 1.23% 1.23% 1.09% 1.09% 1.09% 1.09% 1.09% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03%
STANDARD GRADE 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Concentrate recovery 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91%
Metal ('000s t) 48.048 48.048 44.772 44.772 44.772 39.676 39.676 39.676 39.676 39.676 37.492 37.492 37.492 37.492 37.492 37.492 37.492 37.492 37.492 37.492
Price US$tonne 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000
Grade (COBALT) 0.13% 0.13% 0.11% 0.11% 0.11% 0.08% 0.08% 0.08% 0.08% 0.08% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%
STANDARD GRADE 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Concentrate recovery 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87%
Metal ('000s t) 4.50 4.50 3.81 3.81 3.81 2.77 2.77 2.77 2.77 2.77 2.42 2.42 2.42 2.42 2.42 2.42 2.42 2.42 2.42 2.42
Price US$tonne 40000 40000 40000 40000 40000 40000 40000 40000 40000 40000 40000 40000 40000 40000 40000 40000 40000 40000 40000 40000

Inflation 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
Exchange Rate $A/$US 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9
Smelter charge US$/T
Metal Price A$/t 0 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000
Metal Revenue 960.96 960.96 895.44 895.44 895.44 793.52 793.52 793.52 793.52 793.52 749.84 749.84 749.84 749.84 749.84 749.84 749.84 749.84 749.84 749.84
Metal Price A$/t 44444.44444 44444.44444 44444.44444 44444.44444 44444.44444 44444.44444 44444.44444 44444.44444 44444.44444 44444.44444 44444.44444 44444.44444 44444.44444 44444.44444 44444.44444 44444.44444 44444.44444 44444.44444 44444.44444 44444.44444
Metal Revenue 199.9111111 199.9111111 169.1555556 169.1555556 169.1555556 123.0222222 123.0222222 123.0222222 123.0222222 123.0222222 107.6444444 107.6444444 107.6444444 107.6444444 107.6444444 107.6444444 107.6444444 107.6444444 107.6444444 107.6444444

Less TCIRC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales Revenue 1160.871111 1160.871111 1064.595556 1064.595556 1064.595556 916.5422222 916.5422222 916.5422222 916.5422222 916.5422222 857.4844444 857.4844444 857.4844444 857.4844444 857.4844444 857.4844444 857.4844444 857.4844444 857.4844444 857.4844444
Admin 1.160871111 1.160871111 1.064595556 1.064595556 1.064595556 0.916542222 0.916542222 0.916542222 0.916542222 0.916542222 0.857484444 0.857484444 0.857484444 0.857484444 0.857484444 0.857484444 0.857484444 0.857484444 0.857484444 0.857484444
Net Revenue 1159.71024 1159.71024 1063.53096 1063.53096 1063.53096 915.62568 915.62568 915.62568 915.62568 915.62568 856.62696 856.62696 856.62696 856.62696 856.62696 856.62696 856.62696 856.62696 856.62696 856.62696
Less
Operating cost/t 480.48 480.48 447.72 447.72 447.72 396.76 396.76 396.76 396.76 396.76 374.92 374.92 374.92 374.92 374.92 374.92 374.92 374.92 374.92 374.92

EBITDA 679.23024 679.23024 615.81096 615.81096 615.81096 518.86568 518.86568 518.86568 518.86568 518.86568 481.70696 481.70696 481.70696 481.70696 481.70696 481.70696 481.70696 481.70696 481.70696 481.70696
Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
CAPITAL EXPENDITURE 1444.444444 26 26 19.5 19.5 13 13 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5
Debt Repayment 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5
Debt Outstanding 650 617.5 585 552.5 520 487.5 455 422.5 390 357.5 325 292.5 260 227.5 195 162.5 130 97.5 65 32.5 0
Interest Cost 61.75 58.5 55.25 52 48.75 45.5 42.25 39 35.75 32.5 29.25 26 22.75 19.5 16.25 13 9.75 6.5 3.25 0
EBTDA 617.48024 620.73024 560.56096 563.81096 567.06096 473.36568 476.61568 479.86568 483.11568 486.36568 452.45696 455.70696 458.95696 462.20696 465.45696 468.70696 471.95696 475.20696 478.45696 481.70696
Taxation Depreciation 65 65 65 65 65 65 65 65 65 65 65 65 65 65 65 65 65 65 65 65
Depreciation carried fwd 1300 1235 1170 1105 1040 975 910 845 780 715 650 585 520 455 390 325 260 195 130 65 0
Exploration carried 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Pre-tax income (EBT) 552.48024 555.73024 495.56096 498.81096 502.06096 408.36568 411.61568 414.86568 418.11568 421.36568 387.45696 390.70696 393.95696 397.20696 400.45696 403.70696 406.95696 410.20696 413.45696 416.70696
Tax @ 30% 165.744072 166.719072 148.668288 149.643288 150.618288 122.509704 123.484704 124.459704 125.434704 126.409704 116.237088 117.212088 118.187088 119.162088 120.137088 121.112088 122.087088 123.062088 124.037088 125.012088
Project Profit 386.736168 389.011168 346.892672 349.167672 351.442672 285.855976 288.130976 290.405976 292.680976 294.955976 271.219872 273.494872 275.769872 278.044872 280.319872 282.594872 284.869872 287.144872 289.419872 291.694872
Cashflow project -1444.444444 425.736168 428.011168 392.392672 394.667672 403.442672 337.855976 346.630976 348.905976 351.180976 353.455976 329.719872 331.994872 334.269872 336.544872 338.819872 341.094872 343.369872 345.644872 347.919872 350.194872
THE BOTTOM LINE
NPV @ 5% $2,965.92 NPV/SHARE FD 0.954439007
NPV @ 10% $1,571.77 NPV/SHARE FD 0.505797496
NPV @ 15% $808.57 NPV/SHARE FD 0.260199411
NPV @ 20% $359.40 NPV/SHARE FD 0.115654669
CAPEX 1300
Debt 0.5 650
Equity 0.5 650
Mine Life 20
Interest rate on debt 10.00%
Assumed raising S.P 0.4
Depreciation p.a 65
Dilution 1625
# of current shares 1200