Ann: Jaguar Feasibility Study Demonstrates Strong Economics, page-16

Hi mate,

I haven't held for a while but did read the announcement this morning. I will preface this with saying I haven't been through it in a high level of detail.

But on first pass it's pretty disappointing. The below graphic is taken from the original SS over 3 years ago. Back then a Ni price of $16,530 + 10% (ala $18,183) would have given an NPV of US$626m. If you move price 20% (which is basically what they have used in today's DFS) then you would have had an NPV of US$800m or around A$1.2bn vs today's DFS at A$1bn.

I know we have had a tonne of inflation in the last 3 years but at the same time they have spent like $100-150m to double the resource size, put a tonne of time into doing a downstream option only to abandon that and go back to a simple con route and the economics look worse than they did 3 years ago and MC is still $225m.

You also have had Indo flood the market and battery chem move to some degree away from NCM config. So trading at 0.20-0.25x NAV just doesn't seem that cheap even though this has been bashed.

You have gold stocks currently trading at <0.1x NAV for a simpler commod and market environment. Not interesting enough to me personally but that is just my opinion