Ann: 2023 DFS investor presentation and webcast, page-68

This is pretty much what I’m thinking as well.
Except that ADN will need much more than $119 million to get to stage 1B. Add operational costs at $15 million per year until stage 1A starts production and at $10-15 million per year until stage 1B starts production (depending on the amount of debt interest payments).
Total needed is somewhere around $180+ million.

Debt funding of just stage 1A may be difficult.

If they can secure sufficient BOAs going straight to stage 1B would be a much better option. Starting with a single 150 ktpa processing train and adding another 150 ktpa later funded from the first one.
Current plan of going 50 ktpa, 100 ktpa, 100 ktpa and 50 ktpa ends with 4 processing lines. Good inbuilt redundancy but expensive.