Ann: Binding Heads of Agreement for the Sale of Lake Johnston, page-25

Of the 423,000t MRE across all three projects 52,000 currently relates to LJ. So, subtract that from the MRE, fwiw, after the sale. With today's $15M sale (not $16M, Tommy) I'd hazard a guess close to (or precisely) nil value ascribed to any contained Ni at LJ.

Today's trade sale value, imo, lies mainly (completely?) in the physical processing plant, the 200-bed accommodation camp, air strip, and all other topside physical infrastructure, with perhaps something notional for the Li prospectivity.

By way of loose sales comparison, PH sold Lanfranchi in late-2018 to BMM for $15M. It comprised an u/g Ni mine and smaller accommodation camp, but no processing plant (ops were reliant on an OTCPA with BHP's Kambalda concentrator). That was a Ni-only thematic deal done at the back-end of the last widespread C&M period, prior to today's China/Indo Disruption 2.0 which is v.likely to fundamentally rewrite what it takes to get a Ni project off the ground in Oz in the future. In short, it sold for much, much more than it would fetch in today's market. Today, sans the rehab. liability, Lanfranchi is probably only worth the residual value of the worker's camp.

It should give you a bit of a rough idea what the rest of the POS portfolio (BS & W) is currently worth.

It appears that management is now (publicly) pinning its hopes on finding a way to upgrade Windarra Ni into something approaching a Tier 1 project (i.e. high-grade, long-life, lowest quartile on the cost curve), which is shaping up to be the only way a in-ground Ni resource is worth anything moving forward. That strikes me as a very hopefully moonshot punt. Perhaps that narrative is just a placeholder, pending a pivot to Au (gold).