Ann: Thackaringa Cobalt Project Pre-Feasibility Study, page-37

I guess people are responding to the underlying 22% IRR, but this would be very sensitive to an increase in reserves. If we conduct a drilling campaign (which we have been doing successfully) then reserves increase, LOM increases and IRR goes up significantly. We are also in the PFS stage so they are investigating cost saving measures for CAPEX and OPEX.

It looks like we have significant upside compared to CLQ where they are locked into their CAPEX and mine life based on their DFS.

I expect - significantly increased mine life through drilling campaigns and potential reductions in CAPEX and OPEX as we progress through to DFS.