Another $38m in FCF at spot prices for Penny's Find. Cash from the first two toll treat deals can cover up front capex.
Empty mill space in WA is a gift for companies like HRZ that have a bunch of smaller satellites that they don't need for their core plans.
There is about $100m of toll treat income at spot already studies and permitted. Good pathway to funding refurb of POS infra.
Ann: Pennys Find Pre-Feasibility Study and Ore Reserve, page-2
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