ARL is 'unloved' due to old studies which showed high cash cost.
The following chart sourced from Brook Hunt, showed there were about US$1.2/lb difference between CLQ's Syerston and ARL's KNP.
CLQ's Syerston, C1 nickel cost was about US$6.3/lb on the following chart,
But their current PFS shows their C1 cost dramatically reduces to US$2.96/lb or US$0.89/lb after co credit.
ARL's KNP C1 nickel cost was US$7.5/lb on the following chart, US$4.27/lb in 2014's study.
ARL is currently focusing on cobalt high grade zone, should reduce cash cost and potentially capex.
ARL 2014 PFS' capex is A$660m where CLQ's current PFS' capex is A$906m.
My exercise on NPV for ARL's KNP, using same price assumptions of CLQ's current PFS, ARL's NPV would be around $1.2b or ~30% IRR.
Our current cobalt resource mainly is based on previous nickel cutoff, new cobalt resource will be announced in July 2017; new revised PFS is scheduled to be completed in nine months.
The revised PFS results should give a clearer picture of ARL.
DYOR.
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