Ann: MYL Investor Webinar, page-45

Pricing terms are locked in for 5 years under the current offtake agreement they recently negotiated:

"Changes to Pricing

The parties will, at the end of 5 years from the DOCA Effectuation Date and every 5th year thereafter, negotiate in good faith any adjustments to the pricing of Product or other terms and conditions for the supply of Product to reflect changes in the nickel concentrate market."

I thought your 78-80% payability estimate was good for a Ni in concentrate grade of about 20%. It's a little higher than IGO Nova-Bollinger (based on their Interactive Analyst Centre data) as you probably know but Nova NIC grade is significantly lower. (I add As and MgO penalties into my model, plus ocean shipping costs to MYL account.). I do wonder though how much MYL gave away to get their "more flexible" As conditions and I was surprised to hear John Lamb say they have the facility to go down to 10% NIC (if I heard right).

I think it's piss poor that there's no estimate of say at annualised steady state 900ktpa milling rate:
1. Ni in concentrate production,
and 2. operating unit costs and sustaining capital unit costs.
in the Disclosure Document.

The DD has "Given the current status of the Project, the Directors do not consider it appropriate to forecast future earnings." - fair enough, but there's quite a gap between forecast future earnings and nothing. They know very well that the basic data I've mentioned would allow investors to get a much better idea of potential and we shouldn't be fobbed off with relying on EV/Contained Ni in Resources as John Lamb suggested.