Ann: Phase 1 HMW DFS Delivers Compelling Economic Results, page-48

Yes agree that in theory a good chunk of capex for stage 2 is already captured in stage 1 but to what extent we don’t know yet. Thanks for the other commentary.

I suspect the main reason they’ve scaled up the project is to improve the economics, because at capex of close to US$120M they need to push the scale a bit. This is a common theme of almost every junior with a delayed DFS, they often come out with “we’ve made it bigger!” and when you dig into the numbers it’s because upfront capex requirements are hurting the other figures.

Just my first take, need to read it in much more detail. Just glad it’s finally here! Cheers