Ann: Wabowden Nickel Project Option Deal Investor Presentation, page-30

In the media thread, @garbageln and @Fredwah called out that the Bucko Lake resource has negative NPV on spot nickel prices and the calculated AISC would be barely above the current Nickel price. Also, they used a 6% discount rate for their PEA calcs, which is extremely low given the current central bank rates. Just to break even on the $80m purchase price on 8.5% discount rate, the current nickel price needs to increase by at least 25%.

Buying an option for an uneconomical (negative NPV) project shows how desperate SW is at the moment.