looking back at Ni prices over last 5 yrs $10/lb is at the top...

looking back at Ni prices over last 5 yrs $10/lb is at the top of the chart for 10% of the time suggests the consensus from the independents seems a little high??!!

I would have thought at least 8/lb reasonable but not conservative

copper seems reasonable at 3.3/lb

cash costs noted NOT all in costs??

not a conservative proposition outlined - no doubt they looked at sensitivity to Ni price but not shown - see that in the DFS hopefully.