The way this is presented along with DBU and based on NCM811...

The way this is presented along with DBU and based on NCM811 makes it slightly hard to interpret the concentrate alone. I would like to isolate what nickel price the UBU requires to breakeven and by my calc the all-in concentrate cost at US$2,700/t at 11% Ni content, that is US$24,500/t (if i have this correct?). Yes feed into the value added NCM811 is higher and hence the integrated model, but stand alone UBU needs a fairly high spot nickel price to break even. i personally think Ni price will be closer to US$30,000/t by 2026 and is not an issue but I'm guessing this is reason for the sizeable sell off and in the lead up...