That recent very impressive hit was further to the SW and maybe...

That recent very impressive hit was further to the SW and maybe 200m from surface vertically. It won't be part of phase 2, and impossible to know yet whether it will ever be mined. But you may have noticed they've added more drillholes to the W, and I think they're chasing the peg to surface.

I focus on the outstanding characteristics of phase 1 because the early years of production in a company like this are key. You ideally want to see a low capex phase 1 that quickly pays off and allows self-funding of future phases.

Ultimately I think they will self-fund a plant at Adina and use Renard to JV (or toll process) with nearby companies like LLI who want to quickly generate cashflow and defer capex / dilution.

Iirc the original permitting timeline for Adina was 2028 earliest. So maybe H2 2026 the Adina-Renard operation ramps up, pays itself off during 2027, and then they use spare funds to build a plant at Adina during 2028-29. So by the time PMET has built its 5mtpa plant and begins it's low-grade dry-land phase 1 in, say 2030, WR1 would have a 2.6mtpa plant at Renard and a 2.5mtpa at Adina.