PAYBACK PERIOD

Year Cash Flow Payback Period

0 -450,000,000
1 63,000,000 -387,000,000
2 85,000,000 -302,000,000
3 120,000,000 -182,000,000
4 145,000,000 -37,000,000
5 175,000,000 138,000,000
6 120,000,000 258,000,000
7 95,000,000 353,000,000
8 75,000,000 428,000,000
9 -70,000,000 358,000,000

NET PRESENT VALUE

Year Cash Flow Required Return (K) (1+K)^n NPV (Cashflow/(1+K)^n)
0 -450,000,000 0.12 1 -450,000,000
1 63,000,000 0.12 1.12 56250000
2 85,000,000 0.12 1.2544 67761480
3 120,000,000 0.12 1.404928 85413630
4 145,000,000 0.12 1.57351936 92150121
5 175,000,000 0.12 1.762341683 99299700
6 120,000,000 0.12 1.973822685 60795735
7 95,000,000 0.12 2.210681407 42973175
8 75,000,000 0.12 2.475963176 30291242
9 -70,000,000 0.12 2.773078757 -25242702
TOTAL NPV 59,692,381

INTERNAL RATE OF RETURN

Year Cash Flow
0 -450,000,000
1 63,000,000
2 85,000,000
3 120,000,000
4 145,000,000
5 175,000,000
6 120,000,000
7 95,000,000
8 75,000,000
9 -70,000,000
IRR 15.667%
MODIFIED INTERNAL RATE OF RETURN
Year Cash Flow Required Return (K) K
0 -450,000,000 0.12 12%
1 63,000,000 0.12
2 85,000,000 0.12
3 120,000,000 0.12
4 145,000,000 0.12
5 175,000,000 0.12
6 120,000,000 0.12
7 95,000,000 0.12
8 75,000,000 0.12
9 -70,000,000 0.12
MIRR 13.482%
Year Cash Flow
0 -450,000,000 Initial Investment
1 63,000,000
2 85,000,000
3 120,000,000
4 145,000,000
Cash Flow
5 175,000,000
6 120,000,000
7 95,000,000
8 75,000,000
9 -70,000,000 Reclamation Cost
Year Cash Flow Forecast(Cash Flow) Lower Confidence Bound(Cash Flow)
0 -450,000,000
1 63,000,000
2 85,000,000
3 120,000,000
4 145,000,000
5 175,000,000
6 120,000,000 300,000,000

7 95,000,000 200,000,000
8 75,000,000
9 -70,000,000 -70,000,000100,000,000 -70,000,000
0

-100,000,000

-200,000,000

-300,000,000

-400,000,000

-500,000,000
0 1 2 3 4 5
Cash Flow
 Upper Confidence Bound(Cash Flow)

-70,000,000

2 3 4 5 6 7 8 9
Cash Flow