Ann: Nifty Copper Project Restart Study, page-41

Under the performance shares, I overlooked this section here;


Now why is that important?

Because by working backwards from Nifty's current timeline we can get a rough idea of when Mine 2 will commence construction. This is the options expiry date. If management want these shares, they need to achieve this by May/June 2026. It's a deadline.



This is my low quality extrapolation of what a reasonable timeline to meet this deadline looks like using Nifty's timeline. This assumes they include a 3 month safety buffer to achieve the equivalent of 50kt+pa.

But this also assumes they'll achieve this at the latest possible date. Given the fact the other deposits are very shallow, and CYM will have a bucket load of free cash flow at it's disposal;this could be achieved in a much shorter period of time.

Anyway, just thought it was interesting.