Ann: Outstanding PFS for the Goongarrie Nickel Cobalt Project, page-139

I disagree. ARL have been very particular about language.

In bold on page 1: "Competitive industry C1 cash cost of US$0.42/lb nickel metal."

Page 21: "After allowing for cobalt credits, the PFS assessed the C1 cash operating cost for nickel metal equivalent at an average of US$0.42/lb (A$0.53/lb) which is presented in Table 8-1."

i.e. Nickel Metal, not sulphate. They have distinguished the two throughout the document clearly IMO.

But you need to consider this after adjusting the sulphate offtake price back to its metal equivalent - which is why it doesn't have the impact on EBITDA/NPV etc that one might think.

Also just realised that ARL PPS is reporting their headline LOM averages for production and C1 costs, whereas CLQ PFS reported their headline yrs 3-20 averages for production and C1 costs. So this further complicates any apples for apples on headline numbers, in addition to the different pricing assumptions.

Anyway you look at it, ARL producing base case NPV>$1b, with upside to be explored through a scoping study on 2mt throughput and DFS phase to come says at MC $130m its cheap as chips.

ARL PFS done on 83MT at .1 cobalt, .79 Nickel.

But ARL has 108MT at .1 cobalt .79 Nickel - https://ardearesources.com.au/downloads/announcements/arl_2018031401.pdf