Big day being busy, just managed to catch up.Nowhere Man...

Big day being busy, just managed to catch up.

Nowhere Man summarised it really... This is great progress but it's all still somewhat speculative.

Scenario #1.... The epic outcome would have been finding strong sulphide nickel in the unweathered zone. We have found sulphide but I get the impression it's not pissing nickel. TBD

Scenario #2... A great outcome would be drilling complete, vermiculite appears in seams, because previous announcement says that the nickel appears highly associated with it. I'll come back to this.

Scenario #3... An average announcement would be nothing at all below, at least we know, get back to the activities towards a scoping study for the 26Mt resource

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Scenario 2 it is.

As they say and as above, this is really rare. Where I assume this will play out is that they can associate nickel cobalt with the vermy seams, and make processing far more economical. Potentially producing a concentrate worthy higher price products instead of the steel industry.

Think about it this way... If we had 1.5% nickel across 40m or so, but now we go back and just pull out the vermy seams and put the rest on the side, we could have 3/4/5% nickel in that. Find me a mine with 5% nickel and even if it's oxide / laterite they will dig for that grade. Just so happens we could move a tonne of dirt for the price of a large coffee.

Then the story continued with the ionic mention. Sounds like a super heating event occurred down below. Did this bring the metal ions into solution and leach them all out into the oxide layer, in turn, oxidizing that layer? If so there might not be much left below (aside from the non hydrothermal impacted areas they hit and will assay). On face value that's disappointing..... But where are the other ionic metal ions that can also go into solution.... Did they also get lifted through? Are they also predominantly in the vermiculite layers? Because if so, the basket price of a tonne of this stuff just went up. With this pathfinder information, is there actually a bigger oxide resource more easily identifiable?

REE and Sc delayed into October as assume they were sending samples of current campaign to the lab and putting the overall geology of the area as the priority, which is the right move.

Not going to hit 10c this week, but as I say, scenario 1 is achievable and they just need to run a study and find a buyer. But it now sounds like an iteration of scenario 2 is highly likely and vastly increases the economics of an already economic deposit.

And the chance of scenario 3, whilst not grabbing us by the throat, remains. As does the drilling starting at yuminary in the next week or so