Investor Stream, page-53

"Most of your concerns was about grade of feed"... not at all. Lower grade = bigger crusher and more early stage gravity plant to hopefully deliver same tonnes and quality of mid-plant heavy concentrate to back end of the plant. Kanga is well suited to economies of scale at lower grades, so that's not the biggest issue.

Opex largely comes down to recovery to product, and quality of product, given all the costs are locked in and the same for whatever that outcome is. The recovery is looking tougher to achieve, with more variability causing losses and some sort of compromise perhaps. The risk with studies is that devils are hiding in the detail that were not expected (like Sr and Ba carb impurity removal requirements). None of these are really bid issues in the scheme of a low cost, scalable +100 year mine...

"you keep mentioning last tranche it's.not due u till we are in production"... yeah, because when a company signs off on FID and commits to production, they are confirming to the banks they have the money to repay them. That final vendor payment is the equivalent of a one-off commissioning capex US$10M... if they don;t have it pre-revenue then the mine is at risk of going under, so no finance. Even if that would float, where would the share price go knowing they were A$15M cum-raise the entire build-commissioning, on top of the risk of another CR to cover unexpected cost over-runs? Pre-payments, offtake line of credit etc are all just more debt end of the day. That's how I see it anyway...