luckyrusty from memory phase 1 was going to be the heap leaching...

luckyrusty from memory phase 1 was going to be the heap leaching of the orient well ore, to provide cash to finance for Phase 2
THe latest announcment seems to cut out the phase 1 orient well ore treatment and just concenetrate on phase 2 which is the mining of butterfly through a mix of heap leach and an on site CIP mill, however now they are talking toll treatment (guessing through SBMs mill further north)
I feel shareholders will suffer further dilution due to the working capital and CAPEX requirements to get phase 2 up and running without the cheaper CAPEX phase 1 provided with the capital from cash-flow going forward.
Its a good strategy to heap leach and simultaineously toll treat lower grades and the grades look good as you mentioned although there is going to be a big strip ratio guessing 15:1
You have to wonder though at their ability to get stage 2 up and running considering how long it has taken to get stage 1 ready and stage 2 will take alot more stripping back of overburden unlike orient well which is mineralised to surface.

I feel Nex really needs to j/v its projects with a company that has the skill set to bring to fruition Nex's dream.

If someone was to pick up NAVs Lionora project cheap(NAV is in trouble) and put in a CIP plant there then NEXs ore would have an increased extrinsic value due to its close location.
Increasingly it looks like NEX has achieved the result to date of snatching defeat out of the jaws of victory such great projects such abismal ability in bringing them to production.