T3 valuation, page-11

ML - don't know if you're just new to this site or to investing. I agree with comments above and add that you should forget the B/S about IRR. The Aussie 10 year bond rate is 2.1%. In 10 years you are (almost 100%) guaranteed to get you money back as well as coupon on the way. Now you have to assess how much return you need to compensate for all of the myriad risks associated with this project getting metal to market. Personally even 10% for this project is skinny. The problem for these companies is that cashflow is still a few years away and IRR collapses as you raise the discount rate. Better to ask whether you think the AISC is reasonable when compared to similar ACTUAL projects. Having said all of that if you take a look at @MiningBookGuy's channel on You Tube you will see some fantastic analysis and it's all about the upside from exploration including T20 and the NPF contact. All the best.