Ann: Ausgold raises 11.25M to advance the Katanning Gold Project, page-20

Good place to start is to look at the Scoping Study from 1st November 2019 (https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02168320-6A953468?access_token=83ff96335c2d45a094df02a206a39ff4). Take this with a grain of salt as there has been significant drilling since (upgraded MRE), newly estimated pit shells (completely different AISC etc), higher POG, etc.

A Scoping Study is a low level / lower confidence study than a PFS / DFS etc.

The PFS will take into account cost of Power / Water supply / Labour / Construction / Metallurgy (recoveries) / Process style / Mining contractor costs, etc.

As to your next post, they most certainly will not need anywhere near the range of $3 billion dollars. The scoping study called for initial CAPEX of $102.5 MILLION to build a 1.25Mt/pa plant.

Remember the Katanning Gold Project sits on already granted mining leases.