Real option methods have been on the fringe of investment decision-making in the mining industry for the last 30 years. However, the industry has never really accepted real options as a useful extension to the static cash flow methods that are commonly used for investment decision-making. This presentation repositions real options as a dynamic cash flow modelling method with multiple strategic capital management applications across a mining company. It considers how dynamic cash flow modelling mitigates the limitations of static analysis and improves the quality of information supporting an investment decision. A case study then illustrates how real option methods can be used to improve the understanding of the value influences and risk exposures underlying a staged mine design.