T3 valuation, page-9

A pre-tax discount rate of 8% is incredibly low, particularly for an African play - that’s around 5-6% post tax.
I would expect they will use at a minimum a post tax dr of 8% in the dfs perhaps even 10% and obviously the NPV will be done on a post tax basis.. which will all act to bring the number shown on the DFS down substantially.
In saying that there are a number of items which will improve from the PFS the main being the resource (size and grade).. I don’t think we’ll get to a post tax NPV equal to the same as the PFS pretax but something around A$400m will be very impressive given the current market cap and exploration upside..