Ann: TECH Project Feasibility Study, page-326

As quite a few experienced investors here have noted, the IRR is problematic for a project of this size.

It needs to be above 30%.

Most blue chip investors I know, and analysts, and a majority of global funds, use 30% as a base-line for their investment thesis.

I'm not sure how these guys are going to get there.

And if inflation keeps rising throughout 2023, the IRR here could go as low as 12% or thereabouts, in real terms.

Raising up to $2.5 billion, which includes contingencies, is going to be very interesting to see for a small cap Nickel stock, very interesting indeed. It looks like they might need a BHP or another global Nickel giant to come in and JV.

Interesting days ahead, that's for sure, with a share price that could drop another 30% yet. I'd wait for further clarifications in response to the share market drop today, and maybe target something in the range of 8 cents as a buy for the (very) high risk investment person.

They need to re-work that DFS and feasibility and get that IRR up to double it's current level.

Gw