4 stages Penny.
bird reef central was excluded from Scooping Study because grade wasn’t economically feasible to mine.
Of course that could change at higher gold-uranium price but will be surprised if they don’t JV it.
still if Qala shallows alone shows a $200m NPV, if it’s 60% of all 4 projects, still gets west wits to >$300m npv for all combined.
ignoring BEE % to be nullified by usd to aud.
that’s about 13.5c or 12c rough fully diluted (& thats excluding resource increase + bird reef central + mt cecelia)
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