Ann: Phase 1 Economics Updated and Improved, page-39

Cost of chemicals raising by 236% and plant costs rising by 60% doesn't add up to C1/AISC being 3-4x more expensive than in the DFS.

Although the revised P1 numbers still look attractive, they've managed to lose a huge amount of competitive advantage from the claim of being one of the lowest cost producers. Of course they still have other advantages such as ESG/Cs/Rb/etc, but they need to rely on all of those items being value-added to the production cycle to now even be financially competitive.

I can still see this being a successful company, and the numbers will look more attractive if they get to P2/P3, but I really can't see how these C1 and AISC numbers can be so dramatically different from the 2020 DFS when so much time has been spent on improving the design and being vertically integrated.