At first I dismissed this as simply another laterite wannabe....

At first I dismissed this as simply another laterite wannabe. Laterite deposits can be exploited easily enough but the plant is horrendously expensive requiring HPAL to liberate the metal units. This requires very expensive titanium lined autoclaves and usually an acid plant plus SX plant at a minimum.

However on closer examination if a decent Co/Ni deposit can be defined, there is considerable opportunity here if PIO think about this carefully. There is an HPAL autoclave in close proximity at the old Bulong site 40 km away, an SX plant and tailings facilities. While the rest of the plant is rooted, the HPAL side is basically intact. Money would be required of course but the cost would be a lot lower than greenfield. I cannot recall who owns it now.

As for acid, this would likely be sourced from BHP.

They could leverage off this relatively easily either by getting hold of the Bulong process plant there by reducing lead time considerably.

Was going to dump PIO but will now adopt a wait and see stance.