gold and cvy, page-5

Yeah acknowledge there are aspects to consider and it is much easier to construct an npv model from formal PFS etc, but having a rough model based on publicly available info can be handy before such studies are undertaken and released to market.

As far as capex is concerned, it obviously comes out of npv do is taken into account and I usually run a higher discount rate to lessen the impact of cash flows at end of project, especially those with long mine lives.

When considering IRR with npv a pretty sound judgement can be made IMO