september quarterly, page-5

the revised terms? may be the new expirey day.

assume that they are waiting for the jv before any capitol raising of any kind, which would include the options, then, they would still want to give the full 12m-15m, so, they are possibly just covering their ability to be flexible with the dates???

BTW, thats very impressive capex for that production.

The original BFS had costs at 485/oz with basket at 1200/oz
so on that was a margin of 700/oz.

suggest there will be more than 700 oz profit, if the basket price of PGMS has improved (any synergies with use of ANGLOS tailings dams etc, will provide cost savings would think more capex orientated)

If we say 700o/z on 480 oz/pa stage 1. = 336m /500m capex
=67% IRR.

Stage two, well i guess that any capex required that will boost the production to 750oz pa, will be paid for from stage 1 cash flows.

It all comes back to to IRR numbers.

Of course at the end of the day, it depends on how the JV split up the CAPEX commitments, and % of revenues.

Maybe part of Anglos putting something on the table, will come from the farm swaps, and reduced capex mystery.