Ann: Pre-Feasibility Study for the Isabel Nickel Project-AVQ.AX, page-56

economies of scale mate

the more feedstock the better. If you plan on spending $2 billion on capex then the longer the LOM the more you can justify such expenditure.

If you think SMM are planning a DSO operation with a marginal NPV of $180m when you really need to do you research. The NPV figure changes very quickly once you change the input numbers. But I do not expect you to understand NPV valuations.

This got nothing to do with any standalone value of Isabel

As for the liability, what you are describing would still be a non-current asset. You are just trying to make stuff up.