No income tax but inclusive of royalties (royalties are in AISC...

No income tax but inclusive of royalties (royalties are in AISC cost and would have been in the pre-tax NPV as you only exclude income tax which varies with profitability). If anything, royalties in the numbers would be ~32% too high as they would be assumed at A$35kt rather than A$24kt. Royalties are A$30/t in the PFS (see Table A, page 2 which pretty much has all the data)

I note the Company had $35.6M in tax losses as at 30 June 2023 from their Annual Report (assumed $30M in the PFS - footnote 7 on Table A). They can use these losses against our profit. This should mean income tax is going to be a lot lower than 30% of profit at current nickel price, and payment backended as they use tax losses first.