I'm trying to update my spreadsheet with the information from...

I'm trying to update my spreadsheet with the information from the DFS and I'm confused about the capex side of things. I had previously thought that NAL was pretty much ready to produce nameplate, whereas the DFS seems to indicate that another C$340m (C$375m less $34.9 Reclamation & Closure) or ~375m AUD is required. If this is correct does anyone know what the plan is for raising this money (i.e. will a portion be funded from production using whatever existing capacity that they have)?



I don't think that these capex costs relate to previous capital expenditures as these seem to have been excluded from consideration as far as the DFS is concerned:

It looks to me like that are categorising these as sustaining capital costs given that they are already in production which is what is generating the extremely high IRR but also blowing out the AISC:

It almost looks to me like they are trying to hide the additional capex associated with getting to nameplate capacity... but maybe I am totally misreading the situation (I don't follow SYA that closely).

Basically I just want to know what additional capex is required to achieve the nameplate production capacity (I'm not interested in real (normal) sustaining capital costs throughout the life of the project that can be funded from revenue nor project closure costs). Also, I'm keen to know how these upfront capital costs will be funded. I normally assume 50/50 debt/equity unless the company has provided an indication otherwise. I also know there is $150m AUD in the bank after the latest round of capital raising but assume a portion of this will be used to progress Moblan.

Any information to help me understand would be appreciated.