Reply from Dr Matthew Painter re the PFS, page-3

Please do not take things in isolation, it states clearly PRODUCTION COST

The C1 cost breakdown shown in Table 1-1 is first by nickel costs, then subtracting the cobalt credits for an overall ​

C1​

of US$0.42 per pound of contained metal produced for the entire operation at 1.0 Mtpa​

. As nickel sulphate contains 22.3% nickel metal, and cobalt sulphate contains 20.5% cobalt sulphate, we’ll be producing around 4.5 to 5 times the amount of sulphates for that 42 cents. So the calculations for each per pound of sulphate are as follows:​

• Nickel: US$0.42 x 0.223 = US$0.09 or 9 cents per pound of nickel sulphate
• Cobalt: US$0.42 x 0.205 = US$0.08 or around 8.5 cents per pound of cobalt sulphate