Ann: TMT Investor Presentation - February 2019, page-11

150Mt inc 40Mt indicated in the proposed Northern and Central proposed pits. 25 year LOM.  - My (would be nice but not being greedy) call.

25y at $4.07 gives me a decent NPV of $1.8b... At 75c AUD.  Happy using US$13 as a long term price, scenarios above this are useful for daydreams but that's about it.

Base metals will only add to the NPV.  Cu and Ni alone we're worth 15c to AVL I think.  Gets us to $3.90 territory and absolutely bulletproof.

Quality and cost of production is what buyers want - quant wise.  Qualitative is now our biggest tick, proven ability to take a project to production and operate a V mine.   Tick, tick and tick.