Ann: Kalgoorlie Nickel Project Feasibility Study Update, page-92

the reality is not in the market cap but rather the total minerals in ground

both Auz and Arl are looking at 1.5 billion in capex

based on total tonnage Auz are in the $300 per tonne and Arl are in the $10 per tonne

now if we compare the lowest quartile of operations $37 vs the top of $ 207

ROI of Arl is still better per tonne than Auz

and considering there is also 30 x the amount of minerals in the ground its an absolute no brainer

and Auz would only have 2 years of LGE 100% use vs ARL would be able to supply multi decades of the sam usage



all in my opinion, this is not investment advice