The spreadsheet comprises key project metrics including resource size (tonnes), in-situ metal content, NiEq computation, planned mill throughput capacities, process flowsheet / key process stages, commercial products including volume and quality (where relevant data is available), pre-production CAPEX estimates, capital intensity (US$ per concentrator throughput tonnes and per Ni tonne contained in saleable product), payabilities per metal (where disclosed) and cash costs estimates (where disclosed).

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A separate working sheet provides an EV/Resources multiple vs NiEq grade chart based on the market data of 22 predominantly single-asset explorers and developers whose resources are dominated by nickel (Ni in-situ US$-denominated value >50% of total MRE value).

 

The multiple values range from as low as low as US$1.9 to above US$2,420 per tonne of contained NiEq. Though the multiple's dispersion is fairly wide, the analysis reveals a reasonable correlation between NiEq resource grade and EV/NiEq with the correl coef of >0.67. Resources of higher quality in terms of NiEq grade, in general, tend to be valued at premium to lower grade properties.

 

All primary data and metrics have been meticulously collected from corporate disclosures, published reports, presentations and IAMR's archive.