I haven't examined the full document in detail so don't want to jump to incorrect conclusions but at first glance the Cobalt price assumption for LOM looks on the high side, and the IRR looks on the low side.
Probably the biggest thing for me was that I hoped to see capex a little lower to get the project started via minimal dilution/risk and then scale up using cash flow but that doesn't look likely at this stage. The capex is not obscene, I just hoped it might come in a little lower.
Ann: Outstanding PFS for the Goongarrie Nickel Cobalt Project, page-22
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