Ann: Blackstone Completes PFS at Ta Khoa Nickel Project, page-28

Love your optimism.
BSX I have no doubt is positioned well enough within the nickel supply story over the next 10 years. I expect it will get built.
A lot of time and more risk than what was apparent to me before this PFS.
They can't go Downstream without the Upstream and the 8Mt Upstream plan detracts from the total project economics as presented (or read my me).
They don't appear to want to use the existing 450Kt concentrator and build a Downstream to match.
Third party feed supply is not a given, nor is the margin.
It is purly speculation on how that will pan out in 2025/2026 just as it is on what part of the pie BSX will retain once 1.2Bil AUD in CAPEX is found.
It will be a sweet project if nickel bounces along at 30K a ton when it is in production. But you can't put that in a PFS.
Long term sure.