Could be, also might not be. That statement, which lacks any...

Could be, also might not be. That statement, which lacks any backed evidence, was only suited to pump your positional bias.

I note the Palladium price, for which a large majority of the deposit will be generating revenue from, was assumed to be $2000/oz for the LOM. It has since halved. Similarly, Ni was $24000/t, now it is at $17,700. Copper, forecast at $11000/t, now $9742. Cobalt, forecast at $46000/t, now at $24300/t. And then there's gold, which has had a very nice run. Unfortunately, it seems to compose such a small fraction of the deposit (notably, ~22koz/per year for LOM). If it comprised a larger portion, as a "blue chip" commodity, it would have been a great hedge against the volatility of the other metals.

Although the scoping is early stage, the tax-free cash flow per annum seems to have been reduced to $250m with these prices, which currently looks like a payback period of 8 years with current estimated CAPEX (1.6billion). The nosedive in MC makes sense with regards to this, as the remaining cashflow for LOM post-CAPEX payback would be net $2.25b. With a MC of currently 550m, this rings alarm bells for me, as the current MC is 1/5th of this value already, and there is still risk going forward with the DFS.

Palladium may also have further pressure on its price from a de-escalation of the Russio-Ukraine war. With the eventual phase out to EV's, and the scrapping of old C-converters for recycling (for which currently 80% of Pd has been utilized for), I think there is reason to worry of both future oversupply and under-demand.

Unfortunate that such high price assumptions were made. Not unheard of though - conservatism often gets left in the dust to prop-up economics, where it should be the other way around. I suspect (hopefully) it will be done properly during PFS/DFS.

Happy to be shown solid evidence contrary to any of the above, this is just my preliminary take. I'll be watching the project from the side, but for now I won't be buying in. Good luck to current holders.