Katusa, page-29

T3 PFS:

21mt @ 1.02% Cu reserve
Throughput 2.5mtpa... so 9.6year minelife
Copper price used US$3/lb, AUD 76c
Capex US$155m
NPV US$281m, A$370m.. both pretax at 8% discount rate

Now let’s adjust a few figures..

37mt @ 1.14% Cu reserve - based on the indicated portion of the resource announced on 16 July
Throughput 3mtpa.. so 12mtpa minelife
Copper price can probably be argued to have come down slightly but offset by AUD so macro similar
Capex US$180m for increased throughput
NPV...? I personally think A$500m post tax.. but that’s an opinion - which is well north of $1 per share..