Some of the costs look ok, some look low. It has been a long...

Some of the costs look ok, some look low. It has been a long time since i have heard people talk about $0.1/tkm for haulage. Especially not on dirt roads in the NT with expensive diesel and high rainfall events regularly washing out roads. Applying an NT factor makes sense.

Three declines likely required to achieve the milling rate which makes it capital intensive. Achieving the steady state production out of groundrush underground after 6 months. That will be impressive if pulled off. Poor inferred to reserve conversion at groundrush and development rates are likely the biggest risk to the project outside of the NT Government. Just claim the waste dumps are angled solar farm foundations and call the pits cattle herding pens and the project might get approved. Don't refer to it as mining whatever you do. We need to hear about underground drill drives being commenced to drill out the underground resources and also be used for production access to give the study some credibility and value.

A scoping study is not that intensive. If there are other resources that should be included for the sake of a few weeks work. Joe was appointed in October 2021 and we have been waiting 8+ years already. Some of the pits might impact the existing infrastructure or they just don't optimise. There are some low recovery assumptions so that could be it. There is no financing cost estimated. Someone come to the party with a mezzanine debt deal. NST sale of their interest should be a positive depending on the buyer. Looks like that market didn't like the messaging of the announcement. A bit too heavy on highlighting the financing requirement?