Ann: Partner Commits to Ewoyaa Development Funding, page-11

Its been noted before, but there are really two sub-projects each with a shorter than 19 month payback but because they are bundled together the payback is extended to the 19 month period. The modular DMS will pay for itself quickly but there will be capital costs on the main DMS plant while its generating revenue and profit. The development costs of the main DMS stop the modular DMS triggering the payback time stop. Its therefore not until the main DMS is operating and generating profits that enough net cash flow to trigger the end point that the payback calculation stops at 19 months.

There is a slightly ironic situation that if the modular DMS were able to start earlier and be its own discrete project, you would have two payback periods and both would be low month figures - while its unlikely the modular DMS would start early* a delay in starting construction in the main project would ironically shorten the payback. To be clear, I'm not suggesting delaying the main project to get a better payback. That would be silly.

*Assuming the modular DMS is only mining Ewoyaa South it has a lot smaller environmental impact than the main mine. One pit, small area, only a fraction of the total earth movements of the main project. Its unlikely, but there may be a chance that a separate and quicker permit can be gained for the mining associated with the modular DMS enabling it to start early.

It probably relates to the low expectations currently built into the share price. Where a company has high expectations built in even a modest announcement/update can see the share price fall. When companies are priced with very low expectations, even ordinary announcements can improve the share price because some investors weren't expecting those events to happen. Those in HC with a Buy or probably even Hold sentiment would expect the PLL deal to go through. Some holders or potential holders with a particularly negative sentiment may have thought it would somehow be voided. Those potential buyers revise upwards their expectations as the deal is confirmed as going through.