Ann: Heron commences drilling program at Currawang, page-11

NPV is Net present value the current value of the net income streams over the life of the project discounted back at 8 % to the current time. Given they published a number of $207m from the Definitve Feasibility study (DFS) in July last year and used it to justify the build of the plant they're being somewhat linberl in giving you a number that's around 50% higher.

By the way the reason all those disclaimers are provided on the presentations and DFS is so that a professional person has to sign off on that value (and be culpable for misrepresentations). Saying something different is fudging (lying).

Yes, at present they will be putting out info to sell the sizzle and not the steak. But I'm only interested in the steak. Especially when these guys try to get though with selling a boot load of shares on the basis of the sizzle. Apparently they tried to ring my house last night re- my voting intention. I suspect the caller was lucky he/ she didn't get me.

If you are trying to get a honest value per share and from you question I suspect you are.
You divide the $207m by 2.5 Billion. It gives around 8.6 c / share . If you want to believe it is worth more than that you can add bits for further exploration etc. I have and put extras it into the model but because the Zn price is not expected to stay stronger for longer based on the economics of supply and demand. You run a risk of looking for too much. It may get higher then that on a sentiment basis but then you have to sell on the bigger fool theory. Maybe that's what 71c is angling at.