Ann: Hillgrove Gold-Antimony Project Pre-Feasibility Study, page-498

Hi Hopeful2031

Once further studies extrapolate the cost of producing each ounce of antimony and the proportion of revenue attributable to the antimony, this will be an easier question to answer.

Capital expenditure (CAPEX) will remain unchanged on the whole, unless further plant upgrades are needed. There will be changes in operational expenditure (OPEX) based on how the day to day evolves. Things such as ongoing maintenance and the cost of per ounce AISC will differ based on depth. Costs increase the deeper you go, but could fall in some instances where high grade zones are encountered, making extraction cheaper (strip ratio, separation etc).

All of these above, as you're aware, will be subtracted from revenue before tax. A rapid fall in the commodity price will just give a smaller number that these expenses get subtracted from, which can be disastrous. Notice in the PFS how only $200 per ounce extra from base base can in some scenarios almost double profit, such is the power of a rising commodity price. And by that token a falling one too.

The separation process will always be the same and will always cost the same given that we're dealing with the same pre body. The rising/falling commodity price will only change the slice of the pie we get in FCF.

Hope this helps.