AISC, page-5

@Hiddenvalue I'm inclined to think that the first (3) years of Stage (1) production will qualify as the DFS demonstration period. No doubt things might get very interesting for a T/O if WMX produce 360,000 oz over the next (3) years. Perhaps Polymetal will make a T/O bid at some stage. They seem pretty keen on being 100% exclusive recipients of WMX concentrates after year (3).

Conversely, things would be a lot less interesting if (for unexpected reasons) the Sulphide DFS demonstration ends up resembling anything like the Oxide DFS demonstration, which revealed a 40% production turd factor.

As the saying goes....'There's many a slip 'twixt the cup and the lip'. Only time will tell if Stage (1) delivers the quantities of gold concentrate (and corresponding SP) that shareholders are expecting.