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Table 2 - Sensitivity Analysis of Berlin NPV (in $ million) to Uranium Price
---------------------------------------------------------------------------- $60 (BaseUranium Price $40 $50 Case) $70 $80----------------------------------------------------------------------------Discount Rate 0% $ 606 $ 749 $ 892 $1,035 $1,177 ------------------------------------------------------------ 5% $ 252 $ 342 $ 431 $ 521 $ 610 ------------------------------------------------------------ 10% $ 63 $ 122 $ 181 $ 241 $ 300 ------------------------------------------------------------ 15% $ (43) $ (2) $ 40 $ 81 $ 123-------------------------------------------------------------------------------------------------------------------------------------------------------- IRR 13% 15% 17% 19% 21%-------------------------------------------------------------------------------------------------------------------------------------------------------- Pay-back period (years) 5.8 5.1 4.5 4.1 3.7----------------------------------------------------------------------------
The PEA is based on the 12-month trailing average long-term uranium price of approximately $60/lb.
Table 3 - Berlin NPV (in $ million) Sensitivity to +/-10% Change in Capital and Operating Costs
---------------------------------------------------------------------------- Effect on NPV Effect on NPV of 10% Change in of 10% Change inDiscount Rate Base Case NPV Operating Costs Capital Costs----------------------------------------------------------------------------0% $892 $892 +/- $153 $892 +/- $44----------------------------------------------------------------------------5% $431 $431 +/- $96 $431 +/- $40----------------------------------------------------------------------------10% $181 $181 +/- $64 $181 +/- $37----------------------------------------------------------------------------15% $40 $40 +/- $44 $40 +/- $35----------------------------------------------------------------------------
Capital expenditures are less sensitive to discount rate due to the front-end nature of the initial capital costs.
Table 4 - Commodity Prices of the By-Products in the Berlin PEA
----------------------------------------------------------------------------Commodity Price----------------------------------------------------------------------------Phosphoric Acid $980/t----------------------------------------------------------------------------Vanadium $5.20/lb----------------------------------------------------------------------------Yttrium $100/kg----------------------------------------------------------------------------Neodymium $100/kg----------------------------------------------------------------------------Nickel $7.80/lb----------------------------------------------------------------------------Molybdenum $12/lb----------------------------------------------------------------------------Rhenium $2,800/kg----------------------------------------------------------------------------Zinc $0.90/lb----------------------------------------------------------------------------Gypsum $30/t----------------------------------------------------------------------------
