$1 billion NPV. When?, page-15

Hi Timnea, thanks for the post. No obvious flaws in your work to my mind, but this is all murky as I can't see the revenue assumptions in the DFS. Pretax, ungeared IRR sub 20% is uninspiring and will struggle to attract capital in this market, but we are bottom of cycle and that along with an inevitable capital raising in the next 6 months is why the stock is currently for sale. Patient hands that can wait out or recommit to manage dilution and the cycle picking up are needed if one is to ride this to a multi bagger return. Soul Pattinson will be crucial to anchor the equity component of a FID. GLTAH