The Bull recommendation, page-41

There's a reason that POS is trying to sign up MoU's with any gold or lithium company that will take a look at them. They understand they aren't going to make anything from their nickel any time soon. There have a relatively small underground resource (Windarra) and two process plants with minimal remnant resources.... and the plants are miles from their mine.

The latest gold MoU is fanciful at best. Aphrodite's own PFS lists the opex at A$100/t for 2.4g/t gold ore. That's only got about US$104/t gold content, knock off 10% for recovery loss and it's at US$93/t. If they truck it ~65km to POS you have to add $7/t trucking costs, so operating costs of A$107 versus revenue of $117/t. Nothing to write home about and that's without allowances for any capex for Black Swan refirb or buliding a CIP plant as mentioned in their release.

It's news for the sake of news.