Ann: Australias New Nickel - Latest Presentation, page-14

Where does 400,000 T come from? That was the number for POS that included the 70,500T from LJ that Norilsk had uncovered. But if you read the LJ purchase announcement it states that "Poseidon considers that the area has significant exploration potential to support extending the life of the current Lake Johnston Nickel Project. Only limited drilling exploration has taken place in recent years but this has led to several highly prospective areas being identified".

this means that 400,000 T is worse case scenario, with potential to be greater

It is not until the extensive exploration has been conducted and funding is in place that the SP will be more reflective of what current shareholders think it's worth

The document is marked 'private and confidential' because it is a presentation to financiers, which is always marked 'private and confidential'. So why is this released to the market now? Perhaps that a funding deal has been done, with documentation currently being undertaken to formalise. Just my opinion