From my 31/10/20 post on CHN I have been using a ~0.57% Ni eq...

From my 31/10/20 post on CHN I have been using a ~0.57% Ni eq grade for some time - later drill results moved it around a bit but relative metal price movements had a bigger effect. I expected a 270+ mt number so 330 was a pleasant surprise. I have not seen any density numbers anywhere (?) so I may have underestimated there amongst other differences.

At this stage, I'm carrying a $10 NPV for Gonneville (based on 361 M shares FD). I've tried to be conservative - there are many more unknowns than knowns (without trying to do a Rumsfeld). As correctly pointed out previously by other posters, uncertainties around metallurgy are the main variables to nail down: high grade recoveries will probably increase slightly with more work and the low-grade material needs lots more work to improve confidence. The company has addressed these issues in the release and in the presentation. While there is down side risk around metallurgy, I'm prepared to take that on board as I believe the along strike upside more than compensates for this risk even if drilling does not eventuate until 2Q 2022 as has been suggested elsewhere - although I'm hoping the we will have visible sulphides from the State Forest before Xmas and assays by late January (?). I backed up the truck early on this one so another 6 months does not matter to me - success at Hartog will eventually push it over $20 and give a reason for descendants as yet unborn to thank me! On the available data there is no reason to believe that Hartog won't be a continuation of Gonneville. I'm trying to not even think about Baudin, Jansz and Torres or what will happen if they can find a feeder tube full of massive sulphides somewhere in the complex.....