10 Co mpl ete d PEA w ithi n six mon ths of acqu isi tion in clu di ng ne w reso urce eva lu atio ns on t hre e de po sits 14 y ea r min e li fe pro du cin g ave rag in g 19 40 00 pa ll ad iu m eq ui val en t ou nce s pe r y ea r cap ex C 43 1 mil li on Pd c ash opex cost ne t of by pro du cts US 50 4o z AISC US 58 6o z ROB UST ECO NOM ICS IN TIER ONE JURISDICTION PRELIMIN AR Y ECONOM IC ASSESSMENT Intern al Ra te of Return of 30 aft er tax Ne t Prese nt V al ue of C 8 7 1 mi ll io n a t 5 di sco u n t ra te a n d 2 y e a r trai li n g me tal pri ce s At spo t meta l pri ces De c 31 20 19 Intern al Rate of Re turn of 45 8 an d after tax Net Prese nt V al ue of C 15 4 bi ll io n at 5 disco un t rate inclu d in g a p a ll a d iu m p ri ce o f US 1 2 7 5 p e r o u n ce