Ann: Blackstone Successfully Completes Major Milestone at Ta Khoa, page-69

The biggest drain on the price at the moment is confidence in the ability of the team to find partners and raise funding. So I looked back through the PFS and noted that $391m USD is for the mine development. The studies confirm they can take many different feed stocks, and SW has said before that Trafigura will supply them with feedstock.

So putting my startup tight arse hat on, I'd be looking at starting the refinery for $463usd and delaying the mine at $391 USD provided we get guaranteed supply from Trafigura or other parties. After all its is the refinery that makes the money and the mine is cash neutral (they maximised cutoff for supply). The refinery has a after tax NPV of $2busd so if you brought in some partners and offered them 50% of the refinery (npv $1b) for $500m it would be a good deal for them and a good deal for shareholders as we'd have a $1b usd npv asset that was fully funded and we'd have upside to the Nickel price.