Yah, MC would have been better, but its clear that they are pushing to have a decent sized NPV which will give show a project of the minimum scale necessary to turn it into a viable project and make the work of the BFS worth investing in.
$1B NPV is a big increase on current scoping study of <$300M!
3% dilution, at double the current SP seems reasonable to me. Start of BFS with a $1B NPV scoping study and a >$30M MC sounds about right. If the IRR looks good, we might be closer to $300 or 400MC. That being the case, Im OK with them getting their options as we get x2-x4 in a couple of years.
Ann: Company Presentation - October 2022 Market Update, page-33
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