Ann: Mulga Tank Mineral Resource Over 5Mt to Contained Nickel, page-87

1. In-Situ Valuation

⚙️ Assumptions:

• 5 million tonnes of contained nickel

• Nickel price = US$15,000/t

• Gross metal value =
  5M tonnes × $15,000 = US$75 billion

Then apply a risk discount factor based on the early-stage nature of the project.

	Discount Factor	Implied Project Value
1	0.5% (very early stage)	US$375M (A$560M)
2	1.0% (some de-risking)	US$750M (A$1.12B)
3	1.5% (advanced study)	US$1.125B (A$1.68B)

➡️ Realistic range today (no study yet): A$375M–A$600M

2. EV/Resource Benchmarking (per lb of Ni)

Let’s convert tonnes to pounds:

• 5M tonnes = 11 billion lbs of nickel

Apply conservative valuation multiples:

	Multiple	Value (USD)	AUD Equivalent
1	$0.02/lb	US$220M	A$330M
2	$0.03/lb	US$330M	A$495M
3	$0.05/lb	US$550M	A$825M

➡️ Fair EV/Resource estimate today: A$330M–A$500M

Final Updated Estimate

	Development Stage	Valuation (AUD)	Notes
1	Current (JORC resource, no study)	A$330M–A$600M	Reflects $15k/t nickel, early-stage discount
2	Post-Scoping Study	A$700M–A$1B+	With metallurgy, mining scenarios, and economics
3	Post-Feasibility/FID	A$1.2B–A$1.8B	Closer to production

Summary (with $15k/t Nickel)

Even with the slightly softer nickel price, Mulga Tank still looks like a A$350M–A$600M project today, given the newly defined scale. Strategic buyers (like BHP, IGO, Wyloo) could pay a premium for the resource size and Tier 1 location.