Not sure if I'm allowed to use today's CAD equivalent for the Copper & Gold price since I'm also factoring in the exchange rate...

Could someone confirm?

If not, it would be more something like this...

1 point increase in the exchange rate increases the NPV by 75M

1 point increase in copper price increases the NPV by around 50M.

1 point increase in gold price increases the NPV by around 25M

The base case gives us a NPV of 513M with an exchange rate of 0.97, copper price of 3.25$US & gold price of 1445USD.

Today, the exchange rate is at 0.76, copper price is 2.17USD & gold price 1335USD.

Therefore:

Exchange rate is up 22% compared to base case.

Copper price is down 33% compared to base case.

Gold price is down 8% points compared to base case.

513M + (22 x 75M) - (33 x 50M) - (8 x 20M) = 353M

353M x 25% divided by 417M shares = 0.21 per share.

MoneyK