Ann: OZL: West Musgrave Ore Reserve Statement, page-37

Fair enough, I’ll watch with interest even though FID for WM is not close.

I don’t believe you’ll see any step change in NPV IRR at this stage. Some improvements here and there maybe. It’s a large low grade remote project that relies on economies of scale to offset those metrics. Larger production would only increase capex and a smaller start up cannot pay for fixed cost infrastructure needs. The largest driver will be the price deck. It’s also worth comparing WM with nickel oxide peers in terms of capex intensity and complexity.