I watched the live presentation at the Noosa Conference and SM...

I watched the live presentation at the Noosa Conference and SM made specific reference to the difference between the Financial Analysis figure of USD$89/dmt and the current price of USD$128/dmt and stated that the upside coupled with additional savings from honing original transport costs as well as other potential improvements to the C1 costs such as taking off balance sheet items like camp set up costs etc would result in a capex payback of under 1 year compared to the stated 3 years in the original study.

Also mentioned that both TIO and OCJ have committed to taking up their full entitlement under the current CR thus ensuring a minimum of 80% plus uptake. I would expect that a large number of minority shareholders will take up their allocations as well, as we have done, to ensure we are not diluted any more than might otherwise be the case.

The very clear message from the presentation I thought was that Red Hawk is going mining sooner rather than later and will be ramping up production to in excess of the 3 million tonnes per annum in a shorter time frame than perhaps we first thought. IMO it looks like we will be moving to 6-10 million tonnes per annum fairly quickly once production commences in 2025.

Will be interesting to see the next set of numbers to see if the upside adjustments are included as spoken about in the Noosa presentation.