I think it’s highly unusual for companies to get T/O before PFS stage. Although I guess the Cost Fuego already has a limited PFS and companies can do the math on a new MRE and Water study I guess and throw some cash on the table to see whether they get lucky.
Even if we take existing Costa Fuego PFS at 1.1 Bln USD or 1.7 ish AUD, nobody would accept less than 30% of that number? Which is around 500M AUD or $4.2 SP. With an expanded MRE and water it would need to be 2-4 times that you would think?
All things COPPER, page-128
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