Ann: Outstanding PFS for the Goongarrie Nickel Cobalt Project, page-285

Good job, the capex per mtpa seems meaningless, but original capex still from announcement as important milestones, every company will try to improve during next stage, same as to CNJ, from CNJ's ann, we can see very very poor Nickel recoveries, but they never stop at there, they also try best to improve it at current stage. I am also watching ARL's next stage how to reduct down these capex and opex numbers, once with excellent result, I am in. From below table, also can compare with AUZ, ARL's opex better than AUZ's according to its previsous announcement. DYOR and Good luck!

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9
1	Item	CLQ, Sunrise	AUZ , Sconi	AUZ Flemington	ARL (PFS)Laterite	BAR/CNJ (SS)laterite，oxidized	PAN (Sulphide)	AML (SS)Sulphide	NZC( Stage 1 DMS)Sulphide
2	Throughput （mtpa)	2.5	0.75		1	1.5	1	2.5	1
3	CAPEX, million US$	784	644	54.76 ( build processing plant)	472	157	187	484	53
4	Operating Cost, US$ / ton	63.7	165.33	149.67	114.6	31.8 Exclude processing!!!	78	53.38	25.87 (including Co credits)
5	IRR (post tax)	21%	23.1% (pre tax)	???	25%	21.5%	100.0%	19%	76%
6	Price, US$ / lb	Co: 14Ni : 7.5	Co: 15Ni : 10	???	Co: 41.63Ni: 8.84	Co: 32.76Ni: 7.03	Co, 28Ni, 5.5Cu, 3.1	Co: 20.42Cu: 3.3Zn: 1.25	Co: 36.93Cu: 3.00