Ann: 2.25Mtpa Goongarrie Nickel Cobalt Project Expansion Study, page-56

thanks for this Goughie, prompted me to double check something.

I realise now CLQ had reported their headline $344m EBITDA in US$. So I had incorrectly commented on that previously, thinking CLQ was in AUS. They are more like $458m in AUS.

I've built a basic model so I can put metal and exchange rate assumptions used by ARL on the same level as peers. Before accounting for any optimisation work, or scandium credit for ARL, when I match ARL to CLQ Co and Ni assumptions, I get ARL ~ $376m ebitda in AUS, so call it 20% less than CLQ.

Note ARL spends 40% less capex than CLQ, even with ARL having a bigger contingency buffer. So on bang for buck, ARL much stronger IMO

ARL MC currently at 2.4% of 10x future earnings
CLQ at 11.5%

edit: I have't yet adjusted for the tax treatment as per @xGenesis comments.