Ann: Specialty Metals Project PFS update, page-27

Yes! Can be worked out now with some rough inputs, please have a go and compare. 40kt is it? Okay, profit then...

Processing opex $46.44 / t mined. Divide by 2200 for pounds and divide by head grade to get the quantity required and we've got a few cents over $7 / Lb cost, not bad.

Assumes 100% recovery of course so make it $10 / Lb allowing for reasonable loss.

You're using $11 / Lb input, cool. Profitable? Tick. Before mining, tailings, that short trip up to Darwin, administration and more than a little bit of interest. Let's call these 50c because I'm extremely kind = US$44m profit.

Easy to get from there to NPV. Just run your 50c x 40kt at a 10% discount in perpetuity (1000 years, near enough) and subtract US$676m non inclusive capex.

Negative $236m NPV. Actually the inverse reported average EBITDA of a peer, would you believe? You can't make this stuff up.

Tip... works better with the $20/Lb management are banking on.