Yes, the NPV with 104M should end up close to 450M CAD.

From the 2015 slide I'm looking at, cashflow during mine life at exchange rate 0.97 is 6.1B and at 0.80 is 11.02B.  That's a 80% increase only for that parameter.  Since it was reported we should be around 0.77, I added a little more to be conservative.

To figure out possible cashflow improvements, in 2013, production was expected to be around 360Mlbs of CuEq @ $3.25 US.  Maybe we could assume a small increase to 375Mlbs of CuEq (due to moving from 130ktpd to 133ktpd) @ $3.15 US.  That's for the revenues.

Concerning the cost, 2013 has a C1 cash cost at $1.02 US (0.97) and $0.71 US (0.80).  Adding around $0.50 US for all the other costs would be appropriate in my opinion.  Assuming they can bring the all-in-cost down to $1 US, that's a $2.15 US profit per lbs or 806M US per year or $1,050 CAD per year or 17.8B during mine life. 

Capex is harder to determinate.  I guess we could use the same numbers as 2013 and add 300M NPV for every 10% improvement at the end.

With optimization, revenues will be shifted upfront and it would not be unreasonable to assume that we could pay the capex & sustaining (4.3B) in 3 years.

Therefore, cashflow once in production could be, Y1-3 = $0 CAD, Y4-21= $1,050 CAD.

When putting these numbers in a calculator, my NPV (8%) results is very close to 1.2B (with no capex improvement).

Concerning the QB2 minority interest, I used the NPV (8%) with copper at $3.25 US, because it makes sense to use the baseline closest to our project.  That gave me something close to 3B.

I 100% agree with you that Schaft Creek's value will come later with SC2, SC3, etc.  However, this could happen in 10-20-30-40 years.  This is why I think a royalty is required on top of that!

MoneyK