npv 4x current sp, phase 1 only!!, page-18

they would have had an idea of capex when doing the spp. Don't you think they would have raised a bucket load more if funding was going to be an issue? Watch this space imo, this is just stage 1.

High CAPEX yes, but most of this will be used for stage 2!

"Stage 2 is expected to significantly increase the mine life for minimal, if any, additional capital expenditure."

I reckon they did the PFS as quick as possible over stage 1 to lock down the JTC.