Ann: Outstanding PFS for the Goongarrie Nickel Cobalt Project, page-158

Any companies looking at funding ARL will be putting in their own numbers anyway - both price expectations and costs of production.

Start by subbing in real world costs from operating projects and they nearly all come out at the same sort of range (mineralogical differences aren't that great a proportion of the processing costs). The processing costs for nickel after byproduct credits is going to vary massively depending on the proportion of byproducts and the pricing assumptions that are used. The lack of inclusion of the other byproduct credits makes the payback look uglier than it is.

I don't know why people put so much emphasis on the PFS, but the important numbers were broadly in line with what I was expecting. Capex $600m as expected, production cost as expected, biggest risk is still funding, and it seems unlikely that ANY new nickel production will be funded unless nickel is maintains a level higher than it is at present. Real catalyst will be a move towards getting funding.