My guess is they will increase resource size first (which is what I was hoping they would do). This, along with tailings revision, should increase the value of the project significantly. Investors will recognise this and the SP should react accordingly.
I believe the plan is then to demonstrate the process works with 88-90% recoveries using multiple large samples via a small scale test plant. This could be over 10mil, and would need some equity, but IMO it's a smart move, as it would be a strong de-risking step for lenders/instos/suitors to have in their back pocket in regards to finance/investment/jv post the BFS.
My guess is they will increase resource size first (which is...
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