Ann: MOD Delivers 61% Increase in T3 Ore Reserve to 34.4Mt, page-15

Hi Binwood

Cashme is correct as your calc fails to recognise that the NPV has already taken into account the cost of building the plant i.e. the cost of building the plant is already built into the NPV calc and the NPV is the value of future cashflows net of the build cost. Therefore any cash raised needs to be counted as cash and then added to the NPV to get the overall asset value when calculating the asset value per share post raise.