Valuation

Contained minerals.

116,000 tonne ni @ 12,985 per tonne = 1.5b
Pre tax npv 15% = 225m
Roi 30% = 68m
Higher ni price as expected 18,000 per tonne = 2.1b
Pre tax npv 20% = 420m
Roi 30% = 126m

Upgrade
200,000 tonne ni @ 12,985 per tonne = 2.6b
Pre tax npv 18% = 468m - higher marg effeciency.
Roi 32% = 150m
Higher ni price as expected 18,000 per tonne = 3.6b
Pre tax npv 22% = 790m - higher marg effeciency
Roi 32% = 252m

Potential
They are targeting 800k ni and 900m tonne ore
300,000 tonne ni @ 12,985 per tonne = 3.9b
Pre tax npv 20% = 780m - Higher marg effeciency
Roi 35% = 273m
300,000 tonne ni @ 18,000 per tonne = 5.4b
Pre tax npv 24% = 1.2b - Higher marg effeciency.
Roi 35 = 420m

So we have
116k tonne metal 1.5 - 2.1b
Npv 225 - 420m
Roi 68 - 126m
Its about ballnark to the 100m many mention

On increased resources
200k tonne metal 2.6 - 3.6b
Npv 468 - 790m
Roi 150 - 252m

300k tonne metal 3.9 - 5 4b
Npv 780m - 1.2b
Roi 273 to 420m

Ive done npv to revenue low, I believe this would be higher and Roi at about the present return by mines.
I have increased npv on price increase as this flows to bottom line and Roi for higher volume effeciencies.

So minimum 68 to 126m czn worth at moment and 273 to 420m at 300k resources.

Real Big difference on resource upgrade. Don't forget this is 300k and there target is 800k.