Ann: Gabanintha Pre-Feasibility Study and Maiden Ore Reserve, page-12

I'll have a good read and then post, but the main takeaway for me at the moment is speed to market a prerequisite here.  Table 2 the key. IRR falls as price falls obviously, given I suspect their more favoured long term assumption is US$13 per pound, which gives the IRR in the range of 20% - 27% in that Table assuming those prices cut inas soon as start production.  But getting the higher prices upfront, i.e. the over US$ 20 per pound etc,  improves your NPV before the price drop to that US$13 per pound range as new supply comes onstream.  Lower opex (US$4.15 per pound, is a key here as the mine will be profitable even if price drops to US$10 per pound, but getting to market ASAP gets you the higher IRR benefit of the higher upfront prices.  All IMO