Post tax NPV is >$1.2m adjusting the life of mine to 30 years....

Post tax NPV is >$1.2m adjusting the life of mine to 30 years. Given resource estimate of $120mt, 6 times that utilised in the PFS's 13y life, I believe it's more than reasonable to extrapolate this as a base case.

Of course this is before allowing for the geos increasing our pit wall angle, the lower strip ratio "significantly increases" project DCF.

Before allowing for greater early access to our HG material as outlined.

Before allowing for battery grade pricing through ongoing met work.

Before allowing for the Co, Ni, Cu, Ti or Fe credits mentioned in the PFS.

Before allowing for the $AUD being significantly under the 75c adopted.

NPV is just short of $2.3b when you run reasonable estimates of these ongoing improvements. Say US30c/Lb opex, $19 price and 0.73 conversion.

Ramped up EBITDA $574m.

Capex payback under a year.

Likely post construction MC $3b++

The numbers don't lie. This is what happens when you have the highest grade undeveloped reserve of the most in demand metal on the planet. Do we doubt our management team will deliver on their stated objectives?

I for one will wait and see