Ann: Blackstone Completes PFS at Ta Khoa Nickel Project, page-11

These are ultra conservative numbers which will only adds to the PFS credibility.

Interesting that they have combined the two business units at the NPV level so the increased cap-ex required to fund the 8mtpa concentrator is put in the right context. ie it reduces the NPV of the UBU but is necessary in the context of the overall project and feeding the highly profitable DBU.

What this announcement doesn't discuss:-

Reduction in BSX share of both DBU cap-ex and NPV post likely sell down if 49% share of DBU.

Upside potential if the project from exploration success at Chim Van

Extremely strong support from all levels of Vietnamese govt which results in low tax rates.

The strategic importance of this project in terms of the Vietnamese govt economic growth ambitions.

The strategic importance of our vertically integrated business model to Vinfast's EV supply ambitions(given their need for cost advantages to compete with other OEMs).

There is much to look forward to as the BSX story continues to unfold.

GLTAH DYOR