Yes CAP have a 60% WI, but they can be free carried to a 20% WI...

Yes CAP have a 60% WI, but they can be free carried to a 20% WI in the project if all JV agreements are fulfilled. This includes a further $50M in cash payments to CAP.

In the event that CAP does get free carried, it pays no CAPEX.

The NPV of CAP's share in the project would therefore be $950M, from just the first 13 years of production (i.e. based on the current resource like IRD's PFS).

N.B: I would attach the spreadsheet to show how I am calculating these figures, but thats a timely exercise in its own right.

By the way, I'm using a 9% discount factor on CAP's project, while IRD claim to be using an 8% discount factor. Compounded over 10+ years, this small difference has a surprisingly large impact.