Investment verdict
Asset assessment not published
Detailed assessment dimensions are not published for this asset.
TE
Development asset
Tenas
Valuation case2026-10-16
2026E saleable coal0 Mtgold · literal product tonnes
ROM / CHPP feed0 Mt0× strip ratio
CHPP / saleable yield—Saleable tonnes ÷ ROM feed
Realised coal price$0/tModeled pricing point
Site cash cost—/tPer saleable tonne
Cash margin—/tAfter royalties and modeled deductions
Risked NPV$270m100% ownership
—
Valuation snapshot
Unrisked NPV $309m
Project DCF before the published stage and execution-risk charge.
Risk charge −$40m
Value removed by the model's project-stage and execution-risk adjustment.
Risked NPV $270m
Selected project value after risk, before ownership attribution.
Effective discount rate 8%
Time-value hurdle used for the project DCF after published adjustments.
NPV at first production $501m
Production-value anchor with pre-production timing removed; used by the FSV ladder.
Annual operating profile
Spot · risked · 100% of project
Saleable coal and CHPP yieldannual ROM-to-product conversion
Mt · %Saleable-tonne economics2026E operating row and life-of-mine cost basis
US$/tRealised price$0/t
Site cash cost$75.89/t
Cash cost incl. sustaining$86.13/t
Cash margin—/t
ROM coal16.6 Mt
Saleable coal16.6 Mt
LOM saleable yield100%
Site cost / ROM t$75.89/t
A 100% yield indicates a schedule already expressed in saleable tonnes.
Revenue and cost stackcosts and capital aligned below zero
US$mCapital recoveryannual and cumulative project cash flow
US$mTimeline Built from the stored anchor years: construction start, first production, and closure (or first production plus reserve life where no closure year is published). The marker is the year the current valuation is struck from.
Construction
2028–2030
Production
2030–2052
2026203020342038204220462050
Dashed line marks 2026, the year this valuation is struck from.
Resources and reserves
Ore reserves
| Asset | Proven (Mt) | Probable (Mt) | Proven & probable (Mt) |
|---|---|---|---|
| Tenas Project | 12.8 | 3.70 | 16.5 |
Mineral resources
| Asset | Measured (Mt) | Indicated (Mt) | Measured & indicated (Mt) |
|---|---|---|---|
| Tenas Project | 27.1 | 9.40 | 36.5 |
Coal tonnes are on the disclosed source basis; no equivalent conversion is applied.
Valuation framework Fair speculative value ladder Permitting & Feasibility →
Two valuation lenses $501m production-value OV anchors the speculative
ladder; $270m stage-risked DCF is the selected modeled project value.
Speculative value by development stage
Current model stage Permitting & Feasibility 50%–75%
certainty
Market-implied project value $87m Company market capitalization
USD OV NPV$501mAt production value
Diluted241.9mCompany shares F.D.
Net interest100%Attributable ownership
Exchange rate1.0000USD framework
Project stage Certainty FSV range Attributable FSV USD / share
01 Grassroots
0.5%–1%
$3m – $5m
$3m – $5m
$0.01 – $0.02
02 Target Drilling
1%–2.5%
$5m – $13m
$5m – $13m
$0.02 – $0.05
03 Discovery Delineation
2.5%–5%
$13m – $25m
$13m – $25m
$0.05 – $0.1
04 Infill & Metallurgy
5%–10%
$25m – $50m
$25m – $50m
$0.1 – $0.21
05 PEA
10%–25%
$50m – $125m
$50m – $125m
$0.21 – $0.52
06 Prefeasibility
25%–50%
$125m – $250m
$125m – $250m
$0.52 – $1.04
07 Permitting & Feasibility Current
50%–75%
$250m – $376m
$250m – $376m
$1.04 – $1.55
08 Construction
75%–100%
$376m – $501m
$376m – $501m
$1.55 – $2.07
09 Production
100%
$501m
$501m
$2.07