Ann: Black Swan Restart Project Update, page-9

A solid update which distills much of what we already knew/thought into a single announcement.

For me, the single biggest new insight was confirmation of progressing an on-site accomodation model, which makes sense, given the current vacancy situation in Kal.

There's also the indication of an intention to re-task the LJ camp assets to BS, or key elements at least -- presumably to save capex and time associated with the BS restart. This will have implications for the LJ restart down the road, but those issues are for another time, after we've become financially self-sustaining by throwing off decent FCF.

Finally, for anyone who might be disappointed by a lack of specifics around expected LOM and feed grades, don't be. That was NEVER on the cards at this stage (too soon). There may be more around that in the March update, but (more realistically) that's really for the final BFS which is due in July.

All in all, a solid update.