I disagree on the plugging in numbers. I've done that exercise...

I disagree on the plugging in numbers. I've done that exercise and we still get $340m/pa ebitda on our 2.25Mt, thats Aussie dollars on an Aussie capex spend of lets call it $1.2b. Entirely reasonable returns given the context and certainly better than what our peers will be showing who have higher leverage to the cobalt price.

For context, 10% over 15yrs on the capex spend would be something like financing cost of $153m/pa.

Or another way of looking at it, a strategic partner with $1.2b to spend can get 10% on their capex over 15yrs, and lock in 25+yrs of critical metals at todays prices, with Ardea still clearing something like $200m/pa - the deal structure won't look like that IMHO, but just shows how good this project is in the context of extremely low interest rates and extreme competition around EV metal supply