Ann: Renounceable Rights Issue to Raise up to $6.2M, page-43

The huge additional cost to establish a pipeline from either option for a start.
Then there's the ongoing costs of running and maintaining the pipeline, pumps, valves ect.

If the Murray River option turns out to be able to supply enough "brackish" water for the start up 5mtpa I'd doubt it will be able to support any additional ramp up in the future and this will be necessary as to keep AISC to as little as practically possible.

If the sea water option is the preferred option then you have all the cost mentioned above and then add in the desalination plant costs.

My un educated opinion is that MGT will not be able to produce a high quality Fe Concerntrate at the volumes required at a sustainable low cost.

My opinion only.