RE: Updated Quick & Dirty NPV Analysis The PEA (preliminary economic assessment - an NPV or DCF analysis) section of the NI43-101 should be interesting. Last March (3/31 - 12:41pm) I tried an estimate. Since then we have had the PP and other changes. Here is an updated guess as to what is coming. Check my assumptions: Capital cost $75m over 3 years or $25m/yr. Production 50000T/yr @ $1600/T (revenue = $80m/yr) for 20 yrs. Cash cost $250/T or $12.5/yr. Depreciation expense $3.75/yr straight line ($75m/20 yrs). General and Administrative expense = 2% of sales or $1.6m/yr. Discount rate 10%. Fully diluted shares = 111.6m. Question: does Focus also get a depletion allowance? Tax rate 30%. The income - cash flow statement:Sales 80mCash cost 12.5G&A 1.6EBITDA 65.9DA 3.75EBTax 62.15Tax 18.645EATax 43.505+ DA 3.75Cash flow 47.255Cash Flows: -25 -25 -25 +47.255 + 47.255 + 47.255 for 18 more yearsDiscounting @10%: NPV + -25 -22.73 -20.66 +47.255[1/.1][1-1/1.1^20]/1.1^2 using the 20 year annuity factor from Brigham's finance text. Answer $264.10m. Dividing by fully diluted shares = $2.37/share but we should get some value from the exercise of options and warrants so let us add another 20c to get a value of $2.57/share. Note Kwijibo is not counted in this analysis.The old answer was $4.87. The drop is caused by two main factors: reducing the sales price from $2100/T to $1600, and the severe dilution of the PP. We should get the company answer in January.