Ann: PFS confirms Wingellina as a Tier 1 Nickel-Cobalt Project, page-30

Its another ANL murrin murrin low grade laterite project with massive capex requiring a mill and a HPAL chemical plant using largely debt or dilution.

$3B capex cash burn in the desert then bust when producing taken over for nothing by the lenders as with ANL MBN before it. Who will pump in $3B cash and debt into it with that terrible history before it,

Not BHP who hates laterite and laughed and mocked ANL for a decade & was proven correct even when NP was high. Now its run by Glencore as they got $3B for $100M from the liquidator.
IGO has 3 large sulphide deposits with WSA SIR and 21% of PAN, rules them out too
not AF who almost went broke with ANL,
The lenders such as yankee junk bond debt providers/bondholders got a $1B burn with ANL MBN here before, so twice bitten thrise shy imho
That leaves Glencore which runs murrin murrin now but they aint gonna pay $3B when they got ANL for $100M for the same price, maybe a flip to Glencore for a golden handshake is the best bet unless the Macq boys can convince them to pay a lot more like they convinced IGO with SIR.

As for Indonesians, well they have the cheap rupiah & slave labour workers paid $1 a day not the expensive AUD$ and workers costing $600 a day plus they are dominated by the chinese offtakers so their costs are literally a fraction of Oz costs both in capex and production & the cliimate carbon damge is massive so the dumping and poisoned rivers wouldnt be allowed here what they do to the islands there.

Sure its great, spend $3B and make a fortune in 10 years time,
ANL MBN laterite $3B projects both did that burning $3B and both went into liquidation boith sold off for $100M to their banks with us 60,000 aussie LTH getting 0% back.

Yet I expect this to run short term to those 160c highs again
then the CR will come fast and large and the reality of the massive cost and risk and the terrible HPAL history here will weigh into a sell down yet again imho.

a good P&D trade like ANL MBN while you can get it before it crashes.