Ann: Pre-Feasibility Study for the Isabel Nickel Project-AVQ.AX, page-32

gotta say I have never seen a bearish feasibility study. They all have very nigh NPV's and IRR's.
However, in this one they really had to push the numbers. Discount rate a low 8%, ever increasing nickel price, Lom of 18 years when current resource can't support it, ever steady grades.

and just a npv of 180m. Do a stress test on this and the npv falls below 100m easily.

Western Desert all over again

I also note payback period 3 years yet low capex of 20m. Nor much earnings capacity. No wonder they had to stretch the LOM