Ann: DEFINITIVE FEASIBILITY STUDY ON PANDA HILL-CXX.AX, page-36

good stuff. since you are an expert, please answer my questions, since i don't know much about NPV:

1. how do you use NPV to determine a current share price? do you consider the NPV or do you consider the Present Value (PV)?

2. if a company must do a future capital raising for CAPEX equity component, do you factor in those extra shares into a NPV per share calculation?

3. If you do that, must you reduce the negative 'Value1' by the equity amount? That is, is the 1st value only the borrowed capex amount?

otherwise, send me an email and we can discuss by phone

thanks