Ann: Babel Drilling Produces Its Best Result, page-58

Aquablanca had an NPV of $85M using very low commodity prices (see below).

"The base case model initially prepared for the bankable feasibility study Aguablanca is a nickel sulfide deposit containing an estimated open pit mineral reserves of 15.7 million tonnes, to a depth of 250 meters, at a diluted mine grade of 0.66% nickel, 0.46% copper, and 0.47 g/t PGM using a nickel price of US$2.99/lb and a copper price US$0.73/lb."

A more recent yet still outdated study by Golders (2009) indicates - but can't confirm it in the report so take it with a grain of salt - an NPV of $350M on the remaining 9Mt @ 0.63% Ni. This may not include capital costs already spent (mill, pre-strip etc)

"The mine plan (stage 2 and 3) recovers approximately 9.0 Mt of mineral with an average grade of 0.63% Ni and 0.47% Cu over a period of 6 years. The overall strip ratio is 7.1:1."

Below is the NPV per pit shell (shell is usually a factor of commodity price) taken from the Golders report.



Its also important to note that Aquablanca transports its ore 125km to port. CZI is looking at possibly 10 times that.

Food for thought.