Ann: MOU signed to investigate battery materials refinery in WA, page-85

This is FYI about PBT's process to refine nickel. and the price of MHP and nickel sulphate.
I am not ramping up the PBT MOU. It is just for interest.

The first article (from 2018 - note things have moved on since then) explains and illustrates how PBT's process (selective acid leaching) is a dissolution/leaching process with solvent recovery. Note also that this article refers to laterite ore. Possibly (imho) sulphide ore is easier to process.

The feedstock is mixed hydroxy precipitate - produced by sulphuric acid leaching. The outputs include nickel sulphate, nickel hydroxy precipitate and cobalt salts. The article notes its possible relevance for processing low grade (laterite ?) ore
https://im-mining.com/2018/07/12/pbt-charges-ev-raw-materials-sector-new-leaching-process/

The second article (from 2019) says the following about MHP price and nickel sulphate price.
https://do not advertise external sites/Article/3868647/FOCUS-Nickel-battery-industry-set-to-integrate-further.html

“If you produce intermediate products – MHP (mixed hydroxide precipitate) – historically you’ll be given 80% of the LME price for the products. If you produce nickel sulfate, you’ll get a premium of $2,000-3,000 per tonne over the LME nickel price, so that’s a premium of 20% based on the LME nickel price,” Macquarie Capital senior commodities consultant Jim Lennon said at the panel.

Possibly, in the long term, POS can produce MHP on site with ore concentrate
Here's a guesstimate - IMHO, if POS can produce MHP (from tailings, low grade ore and concentrate) with 15 ktpa of contained nickel (I presume), then this amounts to annual revenue of:

15,000 tpa x 80% x USD20,000 per tonne (say) = USD240m pa as revenue.

I do not know what the MHP processing (acid leaching of ore, concentrate, tailings) costs are. Possibly opex can be around $20 - $30 per tonne of ore/concentrate (https://www.ioneer.com/files/announcement/files/180523_trade_off_studies_-_final.pdf). But there is also capex for the acid plant.
Please DYOR.