A few interesting points in the Feb'21 presentation (compared to the Oct'20 presentation)...
Page 6 : Initial Stage 1 production begins in FY2022 rather than Oct'21. Are they expecting to begin earlier than previously expected, or later? Anywhere between Jul'21 - Jun'22 seems about right.
The Oct'20 presentation had a page titled 'Financials Stage 1 Creating Value for Shareholders' but seems to be missing in the latest preso. I guess all the dollar specific detail from pg.13 (Oct'20) wasn't important enough to include in the latest marketing info.
There's no mention of Mercuria Tranche 2 funds in the latest preso. Maybe the Mercuria $40m is already in-the-bag & management decided they didn't need to mention it again. Who knows?