Ann: West Musgrave Project PFS Update, page-36

You comment on "PFS improves the IRR by say 5-10%" is the rub. We know recovery is better.
What we don't know is what long term Ni price they're going to use. I accept that Wood Mackenzie will come up with the number and they'll have a perfectly logical reason for it like the inflection point in the Ni cost of suppliers curve.
However, as Yoda said last time how did the IRR fall dramatically in the FFS delivered and the answer was the Ni price used.

Mineral economists and brokers use another, often more suitable, metric. NPV.
I.e. what's it the value of the firm from discounted cash flow if the project is delivered? It may well be CZI's 30% worth $300M but it's still heavily dependent on the Ni price in USD and the USD/AUD rate.

Sorry if I went off- topic.