Ann: Outstanding PFS for the Goongarrie Nickel Cobalt Project, page-156

yes absolutely it is conservative.

my only point is that their costs after cobalt credits are about 3.5x higher than ARL. So if CLQ increased its cobalt offtake price assumption by 3.5 (to be the same as ARL), we can assume roughly their costs after cobalt credit would be on par with ARL base case.

my other point previously made is that CLQ are quoting their production and cash costs from yrs 3-20 only with life of mine being 39yrs. Looks like ARL have averaged over full LOM of 25yrs, which would include a ramp up and ramp down phase where costs are higher and production are lower.

ergo, ARL probably has the better resource on balance because its cash cost is about the same as CLQ once you adjust for different offtake price assumptions, but ARL has included the ramp up and ramp down phase for full life of mine

look, I am just an idiot doing high school maths in a spreadsheet, what would I know? DYOR