From the scoping study from Armstrong - the first cab off the rank. Plug in the current nickel price of approx $29k /t and apply the delta used to calculate the free cashflows below which is circa $12.8m per $1000 increase in nickel price and we get approx $158m free cash off Armstrong at todays spot. But who knows what the spot will be when producing. Then add in Widgie, Gillett etc and the lithium and exploration upsiide and you have a theoretical number that you then apply your discount to and that is a number that may or may not be achievable. Or I prefer to look at the amount of execution these guys are doing and have confidence it is heading in the right direction to be producing nickel when it will be highly sought after.
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