ARL IRR was 25% post-tax they used a $42 cobalt price btw.OPEX...

ARL IRR was 25% post-tax they used a $42 cobalt price btw.

OPEX for the DNI process is lower, the acid recycle helps quite a bit, but in the end of the day you really need scale to make the most of it. Labour inputs etc are roughly the same for a bigger and smaller plant so your incremental revenue is at a signifcantly lower per unit cost. I would think an IRR in the range of 15% post tax would be pretty decent here.

In terms of funding I think that NAIF and prepayments can make a significant contribution to funding. Its hard to get an offtake partner to cough up 10-20% of 1.5-2bn however 10-20% of 500m or so is possible. Likewise a NAIF contribution of say 100-150m makes a big % of financing. I believe there are now other avenues for government funding for critical minerals projects announced recently by Matt Canavan. I think talk of funding is jumping the gun a bit. Really need a dfs/bfs to engage but certainly the lower capex hurdle compared to peers is very enticing.