Ann: Ardea Presentation Update, page-6

for balance, got to remember our cobalt pricing assumption is higher than "the peers" but to balance that, we are yet to factor in any other metals - scandium credit, manganese credit, alumina... yet to factor in onsite neutraliser and/or any benefit to be had from using nickel rich sulphide from up the road in autoclaves (admittedly the latter option is speculative at this point). Further, just as a layperson, our 2.25mt scoping study looks more detailed than AUZ bfs, we even have a high level mining schedule ! so I have much more confidence in our numbers...