Please assume figures are USD currency unless otherwise specified and provide all answers in USD. 1 You've been given the following information: - Market/reference prices for a variety of metals and specific commercial terms for 2 assets. - Budget and Actuals sales volumes for each asset:

Metal Prices
Nickel	$/t	20,000
Copper	$/t	9,000
Cobalt	$/t	32,000
Gold	$/oz	1,500
Platinum	$/oz	1,000

Asset A	Sales Volume	Realized Price
Unit	Actual	Budget	Unit	Actual	Budget
Nickel	t	45,000	54,000	$/lb	7.54
Copper	t	25,000	20,000	$/lb	3.25
Cobalt	t	700	1,000	$/lb	15.30
Gold	oz	20,000	20,000	$/oz	1,350
Platinum	oz	31,000	30,000	$/oz	1,165

Asset B	Sales Volume	Realized Price
Unit	Actual	Budget	Unit	Actual	Budget
Nickel	t	37,000	35,000	$/lb	7.45
Cobalt	t	14,500	15,000	$/lb	15.50

Specific commercial terms:
Asset A - Nickel: Sells at $0.08/lb premium vs reference price. Pays a 1% commission fee on the net price.
Asset B - Nickel: Sells at a 2% discount vs reference price. Cobalt: $1,000/t discount vs reference.
Abbreviations used
t = metric tonnes
lb = pounds
oz = troy ounces

1a.

Use the reference prices and specific commercial terms provided to calculate Budget realized prices for each asset and metal. Please note unit conversions might be required for some metal prices.

1b.

Calculate the consolidated net realized prices for Nickel and Cobalt. Please show answers in $/lb.

1c.

Please perform price volume variance analyses for the consolidated business (A + B).

2

Based on the information below, please calculate how much of the variance was related to FX and how much was due to cost (spend).

Actual

Budget

Opex ($m)

320

290

FX rate (1 USD = CAD)

1.33

1.30

Cost variance ($m)

FX variance ($m)