Shareholder Betrayl of Judas proportions, page-15

Oh I do love this stuff. My comments for you arsenic:
1. So your NPV number of A$0.0.84 was calculated from the NPV of A$207m displayed in the BFS dated 29/6/17
2. My NPV model originally calculated A$207m using exactly the same assumptions as in the BFS
3. In the following table I show the key assumptions in HRR's BFS and the changes I made in my NPV calculation

	Column 1	Column 2	Column 3	Column 4	Column 5
0		Units	BFS	Mine	LME
1	Zn Price	US$/lb	1.01	1.40	1.41
2	Cu Price	US$/lb	3.00	3.00	2.94
3	Pb Price	US$/lb	0.91	1.10	1.09
4	Au price	US$/oz	1200	1250	1287
5	AUDUSD		0.710	0.7800	0.788
6	Tax Losses used	A$m	0	91
7	Discount rate used	%	8	6
8	Notes: 1. The HRR BFS assumes the metal prices and AUDUSA FX rate are the same for every year 2. The LME metal prices are for 18/8/17 3. The Tax losses are useable revenue tax losses and can fully recovered from HRR operating profits. Refer FY2016 AR

So I suggest you input my assumptions into your NPV model and see what NPV pops out. It will be the same. As I have stated previously the NPV I have correctly calculated is based upon the original BFS and the new assumptions I have detailed above. These new assumptions are now more realistic based on current metal prices and the AUDUSD FX rate. However if significant changes occur and they appear persistent I shall update my NPV model.
There you have it.