scoping study, page-6

The key outcomes of any scoping study are the NPV and IRR.
a curiosity that these are missing......? why the absence?
(this is a purposeful omission IMO).

And what does that mean... Capital cost $92M but peak development cost $69M?

Is it: 1) sales revenue occurs before the full amount of capital is fully expended (such as staged tailings dams) therefore the peak funding requirement is less than the total capital?

or 2) does the peak funding quantum represent working capital, therefore this is an additional amount? I am guessing no 1 is correct, but it is not clear.

Assuming US$69M is the start-up capital requirement, this is very cheap for a 1.2Mtpa operation. A very good number - the %IRR must be ridiculously high.

Pretty scratchy announcement IMO. Devoid of assumptions. No strategy. No mention of working capital. No mention of product specification/sales assumptions. No mention of offtake payment assumptions..... maybe they are saving it up for the Feasibility Study due this quarter.

Gosouth