2013 DFS Supports Low Cost, Long Life Nickel Operation, page-13

Diesel - one other factor to consider is the nickel recovery rate. From memory it was 86% but they alwayd say they're trying to improve that.

Also, the company has never released offtake terms. Everyone here assumed 80% but there's never been anything concrete to support that. Could be right or could be 70%. Who knows?!

Admin costs also need to be considered and then there's development costs to cover mine life extension at both Windarra and Lake Johnson.

For reference/comparison, MCR are reinvesting all of their profits into divs and exploration because they also only have a couple of years of economic reserves.

Here's hoping that debt finance will fund both start ups and resource extension drilling efforts at both sites.