Are you suggesting the geologists are completely inept and are...

Are you suggesting the geologists are completely inept and are not considering the recovery rates in the studies? I note in the SS the metallurgical recovery rates were approx 65% for the Ban Phuc resource.

Given you have been watching and now commenting I guess you are interested in the project to some degree........what are the glass half full features that are attracting you?

Just in case you aren't aware I'll list just a few of them for you....

1. District scale Ni sulphide opportunity with a total of 25 EM DSS and MSV targets.
2. Maiden MRE included in the SS was 44.2mt @0.53% Ni which only includes the Ban Phuc DSS ore body prior to subsequent infill and extension drilling. As mentioned above metallurgical recovery rates used were 60-65%.
3.The extension of this resource will be added to maiden MRE's for BK, BC, KS and TC which is expected to significantly increase LOM from 8.5yrs in the UBU PFS due by year end.
4. We are developing a downstream business in a JV with Ecopro the worlds largest cathode maker
5. Due to the huge demand we are seeing from a number of tier 1 players in the EV battery manufacturing industry we are advancing the DBU to take advantage of our favourable location which will result in our products being greener and more competitive than any others in the market. Factors such as low labour and hydro power costs and significant tax advantages will be important.
6. These competitive advantages will allow us to secure 3rd party Ni concentrate supply and will likely result in a larger DBU business than is currently described in the DBU PFS which conservatively already shows a post tax 2bn USD NPV(at spot prices the NPV rises to 3.5bn USD).
7. Capital expenditure required at the UBU level will be supported by revenue from the existing mine in the early years.
8. Capital expenditure at the DBU level will be substantially provided by bringing in more equity partners but not reducing our ownership below 51% to maintain control.

I hope this helps your investment decision!



DYOR GLTAH