Exactly. And here's where a fly in the ointment might be for...

Exactly. And here's where a fly in the ointment might be for govt/financiers.

QPM are different to most all in the sector, not being a miner with relatively fixed dig it up costs.
Our ore is purchased, and that price varies in line with the LME reference/or perhaps future green nickel index to align with the targeted Battery Passport.

The ore purchase / refinery entry price mechanism you would think must be tied to the GM/LGES/POSCO sulphate purchase mechanism at the refinery exit (and the other byproducts), effectively setting up where we are on the cost curve.

The NC miners exporting ore have largely been profitable, their smelters not so much.
Those miners prices they can get from smelters would fluctuate presumably according to the LME price, so they could withstand similar QPM pricing.

With the drop in Ni & Co pricing since the PFS, would we be still in the green?
Hematite would have brought in extra coin, and HPA may now be a 5N product with a tasty premium.

Dwayne would have run the theoretical numbers for what we'd be receiving for all our eight products; though with no offtakes for the hematite, HPA etc they're a bit rubbery.

Looking forward to the March quarterly in less than a fortnight

BTW, nice steady Yabulu numbers this week...https://opennem.org.au/facility/au/NEM/YABULU/?range=30d&interval=1d