Sprook - I've been doing the same calc and I can't get the...

Sprook - I've been doing the same calc and I can't get the $28.8m ... I'm getting $15.2m using 350t, and $21.7m using 500t.

I believe the $3.70 / lb cost is purely the extraction cost (I thought I saw $4.10 / lb in the DFS if that's still relevant). Will have to add something for trucking costs, and also administration costs.

I've used $8m for annual admin costs - loosely based on what we tend to go through each quarter. We currently spend over $1m a quarter so once the company is actually running an operational mine, this would have to go up.

With my calc's (albeit different to yours) - I'm getting circa $0.19 per share on a PE of 10 and with your nickel price of $7.25. At $9/lb, I'm showing: $0.38 per share.

If Col's right and the we get 78% of LME like PAN, rather than closer to standard BHP terms, then I'm showing $0.32 a share, and $0.54 a share at $9/lb.

On a fundamentals basis, the current share price is about right if you're not building in expectations of nickel price increases and you go off the current price of US$6.80 / lb.

When it comes to LJ ... you'd assume we can negotiate the BHP deal in reverse with other miners (i.e. POS takes a fee for processing ore). Key factors are % of the concentrator utilised, % of "foreign" ore vs. LJ-mined ore. Here's hoping they can fill the concentrator themselves!

Where are these engineering reports!!