Ann: 2021 Annual General Meeting Presentation, page-49

@zempeth

Here is another way of saying what you've just posted....

"Here are two hypothetical projects. I have set the assumptions so that one will have higher NPV than the other. I hope the answer is obvious to everyone - one project is better than the other."

I'm sorry to be so ridiculous, but are you being charitable? Are you adding value to the discussion? I personally don't think so. I think you are convinced SRL is a better project than ARL, and that you are choosing data and analytical methods that confirm your bias.

Of course please feel free to continue to use your method of discounting feed grades from ARL's cobalt optimised mine plan in assessing ARL as an investment noting for all that the cobalt optimised mine plan is no longer relevant.

But for all readers benefit, in presenting your discounted feed grades as'the final say" on determining investment quality, please stop pretending that you have considered the quantitative judgment in setting Ni and Co prices to arrive at "Ni-equiv" feed grade, or the qualitative judgment that strategic investment may be more interested in sustained gross volume of metal production (be it Ni or Co) over time