Whilst I love your enthusiasm jojo, I think your figures may be...

Whilst I love your enthusiasm jojo, I think your figures may be on the high side
JBM revenues could be worked out in advance fairly accurately by just multiplying the tonnage sold by the average Ni price for the period
By looking at the most recent half/full yr reports however, it seems that WSA doesn't get the full bang for it's buck. Whilst the offtake agreement details aren't disclosed, they seem to get about 90 per cent of the Ni price at a guess
On the other side, the costs of royalties and smelter/refining have to be added to the very impressive cash costs
Putting these two things together, I reckon the margin before tax at current 11/lb price would be a more conservative say $6/lb
Times that by what's looking like 30000 t/yr And I agree with you that we are still looking at great figures that make WSA look cheap