Ann: Investor Presentation - Noosa Mining Conference, page-10

https://www.asx.com.au/asxpdf/20140813/pdf/42rfxsgjq47fmx.pdf

13 Aug 2014
POS had a detailed engineering analysis for this W to BS mill already in 2014 -

Cash cost $4.05 W to BS mill, only 70cperlb more for trucking
$12M for BS refurb
$11M for W refurb
10ktpa start
14ktpa target
1.1MTpa ore throughput target
LOM 7 + 11 years = 18 years
this excludes any of SS GS LJ

It really does not matter where the ore comes from for that additional 1.1MTpa for the BS mill whether it is ESR Mt Jewel Windarra BS open pit, perhaps reduces costs a bit (us70cperlb) if others truck it to there rather than from W

adding GS SS to this plus 6 years LOM and higher grades is genius.
Clearly restarting the mill by using GS SS ore high grade at start is the best and most profitable option with a full restart opening the whole 2.2MTpa capacity.

This would create massive FCF at start & then lead to a tripling of the revenue & FCF

The studies have already been done, they just need some amendment to some trucking costings with USD$ not 1.00 but 0.765 now way cheaper. A lot of the refurb at GS SS and electricals have already been done and some $20M already spent at BS SS since 2014 already most of which was to get the plant and mines ready for mining.

Looks like option 3 is favourite, and it should be as the offtaker would demand it.
proper Ni conc. triple the LOM, triple the revenue, triple the ore feed, double the offtake

2.2MTpa x 2.0% = 40KTpa (excluding LJ)
1.1MTpa x 5.0% = 50KTpa (GS SS)
WSA production 13KTpa MCap $780M
MCR proposed production 11KTpa MC $450M
POS potential production 50KTpa MC 280M..What?

a 4 times bigger longer operation valued currently at a PER of 280/900 = 0.3
Market doesnt believe it yet.