Scoping Study & Capex - Sulphides vs Laterites, Why CLA is so well positioned, page-6

If you read the actual breakdow from that Sirius project the processing plant cost A$170m and it had a duplication of circuits to process copper and nickel seperately. So I would wager that for a flotation circuit for just Co/Cu that you could get that down.

They had a huge site infrastructure spend pf A$190m. CLA is pretty well placed in that regard with roads and power etc. Would expect far less costs there.

SIR also expensed upfront $92m of pre-production underground costs. CLA should be able to get 10+ years LOM by extending horizontal strike along the DOF with further drilling. Underground costs can be expensed later on rather than upfront.

So all in all I would say that those costs are way over the top.

We will know by the end of the month what NZC plan to build an SX-EW plant for. That will be another comparison point to give us an idea.

Stage two processing to cobalt sulphate heptahydrate will be the big variable but people have to remember that by stage 2 the volume being processed will be considerably lower. At 90% recoveries and a 1.5% concentrate grade we are already talking a reduction in tonneage of ~ 12x. That was achieved under very basic flotation. If we can get that even higher at good recoveries using an SX-EW process then it decreases volume of secondary processing even further