Ann: West Musgrave Project PFS Update, page-38

I don't want to labour the point IRR is very sensitive and you can have a very small project with high IRR that doesn't matter much. E.g. $10m project with 30% IRR with limited appeal.
E.g. Yoda said hey, IRR was 30-35% p.a. now they're saying (20-25%) after tax in the FFS.

My guess is IRR will be 25% after tax but it will be a much more robust project. They will enhance grade & and recovery by excluding low grade marginal tonnes, that they included at lower certainty before, to offset Ni price and costs. The same will happen again with the DFS which will then be a beautiful project. Oh we'll take those marginal tonnes alright, when the Ni price is higher or in expansion or even from a low grade stockpile.

The difference between what we are getting now and what we had is less "hand waving". IMVHO.