Ann: AGM Presentation, page-49

I have no doubt about any of that and I'm glad you're bringing your analytical eye to this stock.

A reserve is a higher grade than a resource by excluding waste and low-grade tonnes.
OZL & CZI have two choices as to what they include in the PFS.
They can use a shorter term e.g. 8 years with a higher grade.
Or a slightly longer term e.g 10 years at lower.
It depends on the numbers hence pit shells computed by Whittle I thin, and if they want to pursue something that looks really good low risk at a lower Ni price that will get past the OZL board.
I think they've used a similar model to myself and come to the conclusion that what will really determine the CZI share price is the amount of dilution on CZI's 30% (they seem to 25% in the presso a deliberate slip?) to fund their end of the project. CZI have said they are working on an agreement with OZL on limiting the dilution. I suspect the agreement is about another 5% for OZL or something like it.
In any event, it's clear they are working precisely on the hot spots to get maximal value and using the levers they have.

I've mused on these points separately over the past few months. just starting to bring them together as more info. Is being slipped out.

You guys (detectives) can correct me if I'm wrong on the 75% versus 70% for OZL or it might be the 5% was always negotiable.