After the MDA, page-14

Do we know if the US$250M CAPEX included the refining component? I know refining is in scope now but has that always been the case, or did the feasibility study assume we were exporting raw concentrate to be refined by a third party? I will try and answer this question myself later but feedback welcome for those more familiar with the 2021 study. Refining ourselves is the way to go as the profit from the refined product is usually much better but not sure that was always the plan?

If the $US250M was all inclusive of refining for Phase 2, then how conservative is it to assume the Capex for Phase 1 is $250M * 90kta/1500kta = US$15M? Probably not so linear so let's say $20M to fund from the Q4/2023 CR? I really hope the Phase 1 PFS includes line of sight to Phase 2 so that the share price can be lifted to a value where the CR is not horribly dilutive. As Chokdee has pointed out, GBE have had a lot of time to line up partners/funding so fingers crossed!