Ann: Approval for Windarra Processing at Black Swan, page-22

Hey Diesel,
my take on this quoted sentence is that -
AISC are well below $4.05USlb more like $3.30 as i have calculated since December, they are reworking the DFS right now with the cheaper transport/miner/diesel costs and lower AUS$ (back in August AUS$ was at 93c not 76c now), 10,000T ni conc ~1MT ore from W to Bswan is a great start larger than MCR and close to PAN but small compared to the 2.2MT pa Bswan mill capacity, its not even 45% of its capacity.

Even using 4.05 v 6.02 NP today with no 20% cut out of offtake costs for BHP, thats a 40-50% profit margin, if it drops to 3.30 as i calculated, thats at 60% profit margin way higher than LJ of 10-20%.

W to Bswan is being fast tracked for good reason, its highly profitable, we have known W was profitable since 1969 and W to Bswan was profitable since 2014 with the DFS.

CUB & Ichi were dead wrong, no dead cat bounce, its a bounce off the floor pattern now headed back to 20c-30c.

If they announce offtake deals and higher grade W & LJ ore thats been worked on since Novembers AGM then watch out it may overshoot.