I see the Ni recovery of Ni at 42% as a major issue - it is very...

I see the Ni recovery of Ni at 42% as a major issue - it is very low - Pd is about 80% - such a low recovery for Ni has a significant negative impact on the financials for the project.

With 79% of revenue from Pd (55%) and Ni (24%) changes in price of other individual metals make relatively small differences to the financials. It’s the price of Pd and Ni which matter especially the former making up 55% of revenues.

Using a Pd price of lower than $2k eg even $1,500, which is still over $200 more than current prices has a major impact on financials. Using $2k price of Pd is 62% higher than today’s price - an aggressive assumption. Ni assumed price is 17% higher than current price.