Ann: CNJ: Mt Thirsty Cobalt Project Scoping Study, page-2

SS looks good at first sight but on deeper digging less so. Three assumptions are interesting:
1. Forecast average Ni price = US$7.05/lb. Current price = US$4.77/lb
2. Forecast average Co price = US$32.82/lb. Current price = US$26.80/lb
3.Forecast average AUDUSD = 0.74. Current = 0.78

BAR assumptions give a NPV(8%) = A$290m. If a change the three above forecast assumptions to their current value the NPV(8%) = A$35m.

I think BAR management are being overly optimistic in their SS assumptions