Ann: Phase 1 Economics Updated and Improved, page-15

Definitely not just interest/inflation. There would have to be some pretty signification design modifications/improvements to almost double the cost.

But if increasing the cost hasn't improved financials (330% increase on C1 cost, 250% increase on AISC and slight reduction in concentrate recovery), then you'd be hoping that those improvements are building in potential increase to a P2 size plant with minimal additional costs.

I'm struggling to see how they have increased C1 and AISC costs so much, and now nowhere near as competitive as previously touted.

Otherwise the project financials seem fairly attractive and FCF looks respectable, but imagine there'll still be a lot of bystanders waiting for FID.