Yea, it's the NPV at the time of report with the assumed...

Yea, it's the NPV at the time of report with the assumed timescales, quantities and cost/revenue values.

The NPV isn't that important right now because the project would need funding, which needs confidence, which needs a market to supply to at the required sale value in the future, after project development. I don't know how many quarters of $/t values to provide the expected return on investment it will take to give enough confidence to investors to provide funds - I'd imagine we'd be a lot more attractive if the price had just hit a $170-200 range and stayed there for the past 9 months rather than exploding and falling to where it is now.

I think that is why the UK & European market assessment is an important part of the scoping, more so than the NPV figure.

Like Hud alluded to, much more important to get cash-flow asap, with the fastest route to that being the tin, possibly via future cash from SML to fast-track.