As part of the PEA RPA would have run an optimization of NPV, IRR, Cash Flow etc against CAPEX, Pit Design, etc. At 10% discount rate (based on CIMM guideline for industrial minerals without contracted selling prices) some of the resources don't come into play in this optimization. When we get contracted prices the discount rate drops to 5-6% (different CIMM guidelines for industrial minerals with contract pricing vs without) so more resources become viable and NPV increases.

For now we have a decent PEA that will take us into the high 2's in the short term. When we see some contracts/off takes we will move up from there.

... Been There