Before the JORC was grown to 134.1 Kt Contained Nickel, RXL announced a Scoping Study with robust financials even though the price of nickel was much lower than today. Two options were detailed, build a mine and off take to BHP's plant. The problem for the off take option was that BHP considered the resource too small in the low nickel price environment and the issue for the mine option was the high Capex. Has that changed in the light of a much higher nickel price and demand for nickel sulphide? IMO it may have and if not a target JORC as suggested by research would be available. Cannon is close to having a commercial resource in my opinion but only a Scoping Study can clarify.
CNR Price at posting:
27.8¢ Sentiment: Buy Disclosure: Held
