ARL on the left, AUZ on the right for ore reserve calculation.
1 .81% Ni Eq, Nickel price ,120/t, Co price 96,000/t .4 - .45% Ni Eq, Nickel price ,841/t, Co price 66,137/t
spelling it out, ARL uses 30% lower Ni price and 30% higher cobalt price than AUZ, but Ni is 2/3rds our revenue and we apply a cut off grade almost twice as high as AUZ - i.e. if we applied the same standard as AUZ its likely our deposit would look far bigger.
and then look at resource statements below - look at the pricing AUZ needs to assume to get its deposit size looking bigger than it is economic to mine - has to assume Ni price about 70% higher than ARL and still get the deposit(s) to look as big
ARL - goongarrie Sth only ARL - high grade deposits only AUZ - Sconi only AUZ - all deposits 98.7 215 75.7 115 0.74 0.71 0.6 0.64 0.07 0.06 0.08 0.062 729,300.00 1,522,700.00 455,579.00 738,359.00 67,700.00 130,700.00 57,157.00 71,757.00 > .5% Ni or > .08% Co. (Note; uses .81% Ni Eq cut off in scoping study on 2.25Mt) NiEq - .4-.55%, assuming
Nickel – A$27,946/t and 94.8% recovery,
Cobalt – A$93,153/t and 95.7% recovery.
Readers can be the judge I think of the significance, noting the vast majority of the revenue for ARL comes from the Ni, and as per the WINNER update coming, the Ni will only become a larger % of our revenue.
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