(For you @Brendonski. The Reply feature is brokenski againski...

(For you @Brendonski. The Reply feature is brokenski againski for meski.)

Brendon,
That discussion of concentrators' (BS & LJ) current value c.$400M was just wishful thinking, I'm afraid. That number is more closely aligned with 'replacement value', which is simply not the same thing as current 'added value'. I studied this stuff formally and at length at uni in preparation for my professional career. In practice during the decades since graduating, the single biggest furphy around the 'value' that I have encountered from folks from all walks of life has been the firm belief that cost automatically = added value. It's simplistic thinking that doesn't always reflect reality. Sometimes cost does = added value. Sometimes the cost is actually less than the added value that is created (i.e. value accretive -- awesome) . But in the vast majority of instances the added value for a physical thing is usually less than its replacement cost -- especially if the asset (i.e. plant & equipment in this case) is aged. That's why a brand new car drops in resale value the second you take ownership (i.e. before you've even left the dealership). It's also why ongoing depreciation is a thing.

In the context of a mining project like BS (or LJ) it's basically meaningless to attempt to assign a value to a project or projects and, by extension, the company for the plant & equipment that is already on-site, regardless of whether it's brand new or had been sitting idle, slowly passively deteriorating for any length of time. They're only one part of the broader value-chain equation. What really matters, value-wise, is whether the plant & equipment can be put to use for its intended productive purpose and how that shapes-up in a reasonably constructed DCF model that includes all other aspects of the project(s) under forward-looking study or while in actual production.

In short: Notwithstanding past discussions on these threads of a combined $400M value for the concentrators, they were not. Not within a bull's roar. That is why the POS MC hasn't reflected those levels for any meaningful period of time in recent history. When the SP briefly spiked in the mid-teens back in mid-2021 (i.e. ~$500M+ MC at the time, from memory) it wasn't primarily because of the presence of the concentrators or their replacement cost. It was primarily about the hopes and expectations of what the (then untested) GS mineralisation could/might offer to the overall economics of the BS project, knowing that aging topside infrastructure was in already place, which only required refurbishment (i.e. rather than new build-out).

Hope that helps.


On the Windara Gold Tailings:
I asked PH in Oct last year whether the the 30% increase in Au prices (in AUD terms) had a beneficial impact on the Windara Gold Tailings project. I was met with a short, swift reply that it had been largely offset by rising costs. My question was in the context of whether it might be worth our while to pivot to that project in-house while Ni remained soft. The response a clear and unambiguous 'No'. Understandable. That said, I haven't ruled out that it might be worth more to another already-active local gold player in the region than it was to the previous hopeful, possibly resulting in a better deal for POS than was struck previously. So, some potential for minor upside there. But it will hinge on 1) whether a new deal can be done and 2) just how much, if any, front-loading of much-needed cash can be wrangled by CJ.