Update Beer and Co, page-4

This is interesting, i like this,

Beer & Co assumes that  the capital cost to bring Pilgangoora into operation is only $19m, as it will share some infrastructure with Tabba Tabba, using a similar, but larger plant;
 continues to spend at the rate of $3.0m a year on feasibility assessment at Pilgangoora for a further 12 months
 begins construction of Pilgangoora in the final quarter of 2016, with first product in the September quarter of 2017. Beer & Co estimates that Tabba Tabba will have generated about $18m in free cash by the time Pilgangoora begins production.

Beer & Co estimates that current cash balances coupled with exercises of the options on issue will ensure that PLS is funded until Pilgangoora is producing. Any tightness in funding can be handled with a modest amount of borrowing.