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Kibaran Resources Ltd. (ASX:KNL) announced that there was a “significant formula error” in a recently released update on its Epanko graphite project. Specifically, the net present value for the project was overstated.
Kibaran Resources Ltd. (ASX:KNL) announced that there was a “significant formula error” in a recently released update on its Epanko graphite project. Specifically, the net present value for the project was overstated.
As quoted in the press release:
For the avoidance of doubt, the Company retracts all references to the NPV calculations made in yesterday’s announcement.
The Company is currently undertaking detailed valuation work as part of the Company’s Bankable Feasibility Study (‘BFS’) which is progressing favourably, and remains on budget and on schedule for completion by the end of June 2015.
Based on current indications, which include a corrected re-calculation by CloudMiner utilising the Updated Epanko Scoping Study (announced 18 August 2014) and indicative loan terms proposed for the project and as announced on 27 March 2015, the Company expects that the pre-tax project NPV of US$213M, as stated in the Company’s Updated Epanko Scoping Study, will improve in the upcoming BFS.
Click here to read the full Kibaran Resources Ltd. (ASX:KNL) press release.