Ann: Jaguar Project - RIU Conference Presentation, page-5

Good observation.

They actually state in slide 7 that on the basis of a US$11.00/lb Ni price the post tax NPV would be A$2.6 billion with a 102% IRR.

That's up from the previous US$7.50/lb price used with post-Tax NPV of A$1.11 billion and a 52% IRR.

The overnight Nickel price is US$12.08 so running the analysis at US$11.00 is not unreasonable.

That US$2.6B NPV is more than double the previous NPV estimate. That US NPV (AUD $3.7B) is more than seven times the current market cap of around $0.5B .

The risk is confirmation in the DFS and then good execution of the plan. The balance is share price upside.