PEER Comparisons, page-3

The information contained is relevant to this thread because it deals with the PEER COMPARISONS discussion, the calls for supporting information and the links to such information for research purposes. It also tries to shed light on the reasons why things might be as they are between peers.
This Study material is not a cross promotion, this Study lays out the official data in comparable form for research purposes by investors, links to data are included.


For the purposes of supplementary documentation, I have used a number of additional sources that will highlight certain aspects of certain claims. I will also provide explanations in my conclusions.
While I am doing this comparison, It should be noted that my intention is to show a side by side comparison without emotional bias.
I have no regard for emotion or point scoring in this body of work, to support this I am supplying all links to support my understanding, my time is precious to me and I do not intend dealing with anything that is not officially documented through the ASX or Independent Research Facilities.
I place a lower emphasis on company presentations because they rarely contain more than headlines.
The following side by side comparative table is easily read and compared dealing with STUDY facts.
You will note that there are 2 parts to the presented TABLE
The first section surrounded by the black margin is information from the STUDIES.
The second section not surrounded by the black margin is sourced information from other ASX or Official Resource Documents.
RED

	AUZ and ARL Feasibility Study Comparison
	Ardea Resources		Australian Mines
	Initial Mine Life
	25 YEARS		18 YEARS
	Total Resource is much larger, +50 years		AUZ, back to drilling (increase resources)
	Autoclave Throughput
	2.25 Mtpa		2.0 Mtpa
	PREProduction Capital Estimate
	US $918 Million (Sulphate)		US $974 Million (Sulphate)
	Costing above for Nickel Sulfate		Costing above for Nickel Sulfate
	There is a pivot to MHP underway		There is a pivot to MHP underway
	No DFS STUDY on costs for MHP capex		No BFS STUDY on costs for MHP capex
	Realistic for similar MHP capex (comparable size)		Implied MHP capex $US$832 Million
	Payback In Years
	5.1 Years		5.2 Years
			Longer payback
	IRR Internal Rate Of Return (Post Tax)
	27%		15%
	Higher percentage returns		Lower Percentage returns
	Average C1 Operational Costs ( Inclusive of Credits)
	(US $0.34) /LB NICKEL		US $0.48 / LB NICKEL
	Nickel / Cobalt		Nickel / Cobalt / Scandium
	Over Recovery due to cutoff grades		This $ recovery includes Scandium
	Average C1 Operational Costs ( NICKEL Only)
	US $4.63 /LB NICKEL		US $5.73 / LB NICKEL
	Nickel Only		Nickel Only
	Higher cutoff grades result in lower cost/ ton		Sconi/ lower cutoff grade higher cost
			More ore needs processing
	Additional C1 Operational Credits (Not accounted for YET)
	Sufficient Onsite Neutralizer		NO Onsite neutralizer
	Autoclave Ore Neutralizer is an onsite resource		Autoclave Ore Neutralizer is a buy in cost
	Scandium exists NOT accounted for YET		Scandium Fully accounted for in C1
	Rare Earths exist NOT accounted For YET		No Rare Earths
	Nickel Feed Grade
	0.81% Nickel		0.67% Nickel
	Higher Grade		Lower Grade
	Higer C1 operational cost recovery		Lower C1 operational cost recovery
	Cobalt Feed Grade
	0.1% Cobalt		0.1% Cobalt
	Capability to Increase Plant Tonnage Expansion
	100 year SUPPLY, Larger Resource @2.25mtpa		30 Year FINITE CAPACITY of known resource
	Nickel MHP		Nickel MHP
	Goongarrie is a small part of KNP (known)		AUZ is going back to drilling
	YES Resource allows increased production P/A		NO total capacity 30 years @ 2Mtpa
	Add extra autoclaves + leach circuit, YES		Resource capacity @2mtpa / 30 years NO
	Potential supply, 100 years		Increase Resources (Announcement) ???
	Capability to use 1 new plant for entire company resource
	YES		NO
	Goongarrie and KNP are all one resource WA		Sconi and Flemington are 1900km apart
	One Production Hub		2 Individual plant builds required, Extra cost
	Rail Infrastructure (Working)
	YES		NO
	A working rail line is onsite in Goongarrie		This has been dismantled, no rails. NO
	Rail Infrastructure for Battery Metals Export)
	YES		NO
	Direct Working Rail to Esperance Port		NO
	Working Rail to Kwinana Battery Hub		NO
	Road Infrastructure
	YES		YES
	Availability of NICKEL SULFIDE onsite
	YES		NO
	Nickel Sulfide to increase grade output to 1%		NO
	Nickel Sulfide to compliment OUTPUT grade		NO
	Globally Significant Resource (Recognised)
	YES		NO
	Largest Nickel Resource in WA & OZ		NO
	7th largest in the world		NO
	Resource Comparison (Nickel Tonne)
	5,458,400 Tonnes		735,933 Tonnes
	Ardea Nickel Resource is 7.41 times larger		AUZ Nickel Resource is 7.41 times Smaller
	Reserve Comparison (Nickel Tonne)
	329,458		331,357
	Cutoff Grade @ 0.82%		Cutoff Grade @ 0.58%
	Similar Reserve in tonnage		Similar Reserve in tonnage
	Higher Cut Off Grade %		LowerCut Off Grade %
	Higer Grade % needs less processing / tonne		Lower Grade % needs more processing / tonne
	Lower C1 costs per Tonne Nickel		Higher C1 costs per Tonne Nickel
	GOLD Resources on leases / tenements
	YES		NO
	11,800 (OZ) Gold		NO
	Big Four Resource 100% owned		NWM was sold
	Mining Infrastructure and Industrial Facility
	WA Kalgoorlie is the mining capital of OZ		QLD Greenvale is NOT a mining capital
	Surrounding infrastructure is mining intensive		Surrounding infrastructure is farm and military
	Kalgoorlie population 29,032 People		Greenvale Population 232 People
	Intensive mining activity		Very little mining activity
	Working rail running through the mining lease		NO rail at allto GreenvaleRemoved
	Quality of Management (Subjective Qualities)
	Clean Track Record		ASIC Investigation Underway
			Share Consolidation 10/1
			Repeated Capital Raises
	Management Available and tested		Management Contact AvailIblity (None )
	None noted		Repeated Administrative corrections
	Trustworthy		I have NO Trust in management
	Effective money managers, prudent attitude.		Not effective money managers
	Consistent focus on core goals and assets		Self Interest is Shareholder consensus
	4 x Capital Raisings since 2017		10 x capital raisings since 2017
	Share Related Matters
	Shares on issue	169,737,772	Shares on issue	462,531,610
	Share Price	$1.02	Share Price	$0.088
	Market Capitalisation	$173,132,527.00	Market Capitalization	$40,702,787.00
	Capital Raising Events
			08-02-17	$1,000,000.00
			05-04-17	$2,000,000.00
	15-09-17	$5,540,000.00	06-11-17	$20,000,000.00
			11-09-18	$12,000,000.00
			27-02-19	$5,000,000.00
			17-07-19	$5,800,000.00
	09-10-20	$4,800,000.00	14-04-20	$14,500,000.00
			26-07-20	$5,200,000.00
	28-06-21	$5,700,000.00	28-07-21	$6,500,000.00
	22-02-22	$21,500,000.00	30-05-22	$3,700,000.00
			17-06-2022 TBA	$3,700,000.00
	Total Raised	$37,540,000.00	Total Raised	$79,400,000.00
	Market Capitalisation	$150,217,928.00	Market Capitalization	$38,852,655.00
	Valuation/ value created $	$112,677,928.00	Valuation/ Value Created $	-$40,547,345.00
	Valuation/ value created %	300.15%	Valuation/ Value Created %	-51.07%
	Date 19/06/2022		Date 19/06/2022
	NOTE		NOTE
	ARL M/C is worth substantially MORE than		AUZ's M/Cap is worth $38,7 Million less than the
	the capital raised, therefore it stands to reason		Total capital raised since 2017 to date
	that management are more effective		That is a very sobering thought
	MY CLOSING THOUGHTS
	RICH DAD		POOR DAD
	The Author Robert Kyosaki wrote the decades old investment book called Rich Dad - Poor Dad
	The basis of the story revolved around
	Gratification NOW or
	Gratification LATER
	Highly recommended reading