Hi @FrankJ1987, looking at some numbers BLK presented in their...

Hi @FrankJ1987, looking at some numbers BLK presented in their 2016 DFS, their 2017 PFS, their Feb'19 Stage (1) presentation & their Feb'20 Stage (1) presentation, I'd say it's time to forget about the $114m (BIOX CASE) from page (16) in their August 2017 Expansion PFS. Just remember $92m & then add whatever costs they announce for Stage (2).

It appears they're hoping to secure another $40m in the next few months. With the few details they've included in the CR presentation (i.e. proposed 4 year repayment & 175,000oz hedge commitment as loan security), it looks like there will be some 'sticky strings' (terms & conditions) attached....a bit like the financial version of a spiders web.

I think your question about the DFS is a good one & I'd say only BLK knows where it is : the market only knows where it isn't (i.e. isn't finished).