Ann: Investor Webinar - Market Update, page-185

Hi Mako4, I think this question is hugely relevant and should have been a main focus of JM that perhaps would have put SH mind ease. I have there put together the below (yes, again taken from the DFS) and am more than happy to be corrected, educated etc as its clear that no one really understands the process.

JM confirmed nothing has changed to the figures of the DFS or timelines. The only changes are building the plant to cover current boas, which can be added/expanded on as boas come signed.

What needs to be looked at then, is what LLI items do they need that remain the same through stages 1-2, what plant can they get their hands on quickly and if they need to add to LLI when expanding. I think the last point is the only question that really needs some understanding around.

Now I have no idea what constitutes to LLI but you could assume that the drum washer, drier, hydrocyclone clusters would be and would be purchased at outset. The only equipment that looks like it would need to be increased to keep up with tonnage would be excavators, loaders, trucks etc.
If this is the case then the pilot plant (stage 1) could be scaled up in weeks.

Capital expenditure:
Stage 1 - $88.33m
Stage 2 - $10.48m
Stage 3 - $70.11m
Stage 4 - $26.64m

The stage 3 capital expenditure is $70.11m as its a duplication of stages 1 and the additions to stage 1 that form stage 2.

They have detailed the stages of the process in the DFS:

stage 1


stage 2