Based on the below graphic Hartley's NPV10 on base case gives a...

Based on the below graphic Hartley's NPV10 on base case gives a valuation of 20.5c. Not sure why their primary weighting uses an NPV12 but that's ok.

Valuation largely dragged down by a 25% weighting to the case where Nebo-Babel isn't developed. Given how strongly OZL have been pushing this forward I would suspect there would have to be a fair fall in metal prices for this not to be developed. Most of us wouldn't be here if we weren't bullish Ni/Cu.

Report seems reasonable and nothing outlandish from what I have seen in my scan so far.